Case Brief
RBI imposed a monetary penalty on Noble Co-operative Bank Ltd., Noida through an order dated March 16, 2023. The action was taken after an inspection revealed that the bank had contravened Section 35A read with Section 56 of the Banking Regulation Act, 1949 by failing to comply with RBI directions on Fraud Classification and Reporting. Specifically, the bank did not classify certain transactions as fraud and did not report them to RBI in Form FMR-1 within the stipulated timeline. RBI held the charges substantiated after considering the bank's reply and oral submissions, and imposed the penalty under the Banking Regulation Act provisions cited in the release.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Noida, Uttar Pradesh