Case Brief
By an order dated April 16, 2024, RBI imposed a monetary penalty of ₹50,000 on The Chitradurga District Co-operative Central Bank Limited, Chitradurga, Karnataka. The action followed supervisory findings from NABARD’s statutory inspection and a show-cause process, which sustained the charge that the bank delayed reporting a fraud to NABARD and thereby failed to comply with directions on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. The penalty was imposed 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
- Chitradurga, Karnataka