Case Brief
By an order dated February 28, 2024, RBI imposed a monetary penalty of ₹50,000 on Chikkamagaluru District Cooperative Central Bank Ltd., Chikkamagaluru, Karnataka. The penalty was for non-compliance with NABARD directions on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. After a statutory inspection and show-cause process, RBI held that the charge of delay in reporting frauds to NABARD was sustained. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Chikkamagaluru, Karnataka
- Order Date