Case Brief
The RBI, by order dated May 06, 2024, imposed a monetary penalty of ₹50,000 on Thoothukudi District Central Co-operative Bank Ltd., Thoothukudi, Tamil Nadu. The action followed a NABARD statutory inspection and a show-cause process, after which RBI held that the bank had delayed reporting a fraud to NABARD and had not complied with the 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
- Thoothukudi, Tamil Nadu
- Order Date