Case Brief
RBI, by order dated October 28, 2022, imposed a monetary penalty of ₹30.00 lakh on The Jammu and Kashmir State Co-operative Bank Limited, Srinagar, Jammu and Kashmir. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after NABARD’s statutory inspection (with reference to the bank’s financial position as on March 31, 2020) revealed non-compliance with RBI directions on Income Recognition, Assets Classification, Provisioning and Other Related Matters. After issuing a show-cause notice and considering the bank’s reply, RBI found the charge substantiated and decided to levy the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 30.0 L
- Entity Type
- Co-operative bank
- Location
- Srinagar, Jammu and Kashmir