Case Brief
The Reserve Bank of India imposed a monetary penalty on Rajdhani Nagar Sahkari Bank Limited, Lucknow, by order dated March 30, 2024. RBI said the bank had not complied with directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters for UCBs, and specifically sustained the charge 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, 1949, after a statutory inspection and a show-cause process.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Lucknow