Case Brief
The Reserve Bank of India imposed a monetary penalty on The People’s Urban Co-operative Bank Ltd., Tripunithura, Ernakulam, Kerala, after finding non-adherence to RBI directions on Income Recognition, Asset Classification, Provisioning and Other related Matters for UCBs. The bank had been issued a show-cause notice after an inspection of its financial position as on March 31, 2020 revealed violations/non-compliance. Following the bank’s reply and oral submissions at a personal hearing, RBI concluded the charge was substantiated and imposed the penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Tripunithura, Kerala