Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2 lakh on The Krishna District Cooperative Central Bank Ltd., Machilipatnam, Krishna District, Andhra Pradesh, by order dated March 2, 2022. RBI said the bank had not adhered to directions in the RBI circular on Income Recognition, Asset Classification and Provisioning and the NABARD circular on Frauds—Guidelines for classification, reporting and monitoring of Frauds. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after an inspection and subsequent show-cause process found the charges substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Machilipatnam, Andhra Pradesh