Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹4.00 lakh on Nagar Sahkari Bank Limited, Etawah, by order dated March 29, 2024. The penalty was for non-compliance with RBI’s directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters for urban co-operative banks. RBI said its inspection and supervisory findings showed that certain loan accounts were not classified as non-performing in accordance with IRAC norms. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act.
Action Snapshot
- Primary Impact
- Fine: Rs 4.00 L
- Entity Type
- Co-operative bank
- Location
- Etawah, Uttar Pradesh