Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 4.00 lakh on The Vaijapur Merchants Co-operative Bank Ltd., Vaijapur (Maharashtra) by order dated February 14, 2023. RBI said the bank contravened directions issued to urban co-operative banks on Income Recognition and Asset Classification (IRAC) norms, specifically by not classifying certain accounts as Non-Performing Assets.
Action Snapshot
- Primary Impact
- Fine: Rs 4.00 L
- Entity Type
- Co-operative bank
- Location
- Vaijapur, Maharashtra
- Order Date