Case Brief
RBI, by order dated August 07, 2023, imposed a monetary penalty of Rs 2,50,000 on The Nabapalli Co-operative Bank Ltd., West Bengal. The bank was found non-compliant with RBI's 'Exposure Norms and Statutory/Other Restrictions - UCBs' and certain provisions of the RBI KYC Direction, 2016. The inspection revealed breaches of prudential inter-bank exposure limits and a failure to implement periodic review of risk categorisation of accounts. RBI issued a show-cause notice, considered the bank's reply and oral submissions, and then concluded that the contraventions were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- West Bengal