Case Brief
RBI, by order dated June 05, 2024, imposed a monetary penalty of ₹50,000 on The Prakasam District Co-operative Central Bank Ltd, Ongole, Andhra Pradesh. The action followed a statutory inspection by NABARD and a show-cause process concerning non-compliance with NABARD’s directions on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. RBI found that the charge of delay in reporting of fraud to NABARD was sustained and therefore warranted the penalty, exercised 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
- Ongole, Andhra Pradesh