Case Brief
RBI imposed a monetary penalty on The Nilambur Co-operative Urban Bank Ltd., Nilambur, Kerala, by order dated March 01, 2022. The penalty was for contravention of RBI directions on Income Recognition and Asset Classification and on Management of Advances – UCBs, based on inspection findings for the bank's position as of March 31, 2020. RBI said the violations were substantiated after considering the bank's written reply and oral submissions, and imposed the penalty under the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Nilambur, Kerala
- Order Date