Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 10 lakh on The Darussalam Co-operative Urban Bank Ltd., Hyderabad, Telangana, by order dated August 22, 2022. RBI found that the bank had violated or failed to comply with directions issued under Income Recognition, Asset Classification, Provisioning and Other related Matters-UCBs and Board of Directors-UCBs, based on inspection findings as of March 31, 2020. After considering the bank’s reply and oral submissions, RBI concluded that the charges were substantiated and warranted the penalty under the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- Co-operative bank
- Location
- Hyderabad, Telangana