Case Brief
RBI imposed a monetary penalty on Koyana Sahakari Bank Ltd., Karad, Maharashtra by order dated September 26, 2024. The bank was found non-compliant with RBI directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters applicable to UCBs, with RBI specifically noting failure to classify certain loan accounts as non-performing assets. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Karad, Maharashtra
- Order Date