Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 55.00 lakh on The Visakhapatnam Co-operative Bank Ltd, Visakhapatnam, Andhra Pradesh, by an order dated August 25, 2022. RBI said the bank had not adhered to or had violated directions issued under Income Recognition, Asset Classification, Provisioning and Other related Matters-UCBs and Finance for Housing Schemes-UCBs. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 (AACS), after an inspection based on the bank's financial position as on March 31, 2020 and after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 55.0 L
- Entity Type
- Co-operative bank
- Location
- Visakhapatnam, Andhra Pradesh