Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2,00,000 on National Insurance Employees’ Co-operative Credit & Banking Society Limited, Kolkata, following a statutory inspection with reference to its financial position as on March 31, 2023. RBI found sustained charges that the bank had not maintained the prescribed inter-bank counterparty exposure limit and had failed to implement periodic review of risk categorization of accounts, amounting to non-compliance with RBI directions on investments by Primary (Urban) Co-operative Banks and KYC directions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Kolkata
- Order Date