Case Brief
By an order dated July 15, 2024, RBI imposed a monetary penalty of Rs 50,000 on The District Co-operative Central Bank Limited, Vizianagaram, Andhra Pradesh. The penalty was imposed for non-compliance with NABARD directions on 'Frauds - Guidelines for Classification, Reporting and Monitoring', after RBI sustained the charge that there had been delay in reporting frauds to NABARD. RBI stated that the action was based on regulatory compliance deficiency and did not pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Vizianagaram, Andhra Pradesh
- Order Date