Case Brief
RBI imposed an order dated May 04, 2022, levying a ₹1.00 lakh penalty on Noida Commercial Co-operative Bank Ltd., Ghaziabad. The penalty was based on inspection findings that the bank had contravened Section 35A and Section 36(1) read with Section 56 of the Banking Regulation Act, 1949 by failing to follow RBI directions prohibiting dividend payments and by paying unclaimed dividends of prior periods.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ghaziabad, U.P.
- Order Date