Case Brief
The Reserve Bank of India imposed a monetary penalty on The Parwanoo Urban Co-operative Bank Ltd., Parwanoo by order dated March 27, 2024. RBI found that the bank had not complied with directions relating to Prudential Norms on Income Recognition, Asset Classification and Provisioning (IRAC), specifically that certain loan accounts were not classified as non-performing in line with the applicable norms. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act, after a statutory inspection, a show-cause notice, and consideration of the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Parwanoo, Himachal Pradesh