Case Brief
RBI imposed a monetary penalty on Ilkal Co-operative Bank Ltd., Ilkal, Karnataka by order dated January 23, 2023. The bank was found to have violated RBI directions on income recognition, asset classification, provisioning and other related matters for UCBs, specifically by incorrectly classifying certain non-performing accounts as standard assets. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 (AACS), after RBI considered the bank's reply and oral submissions and found the charge substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ilkal, Karnataka