Case Brief
RBI, by an order dated May 11, 2023, imposed a monetary penalty of Rs 10,000 on Manipur Rural Bank, Imphal. The penalty was levied for contravention of RBI directions on prudential norms, provisioning, asset classification and exposure limits, as well as RBI's IRAC norms for NPAs. NABARD's inspection found that the bank had failed to classify certain loan accounts as non-performing, and RBI held the non-compliance substantiated after considering the bank's response and hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Bank
- Location
- Imphal, Manipur
- Order Date