Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on Mansing Co-operative Bank Limited, Dudhondi, Maharashtra, after a statutory inspection and subsequent proceedings found non-compliance with RBI directions on Income Recognition, Asset Classification, Provisioning and other related matters for urban co-operative banks. RBI said the bank failed to classify certain loan accounts as non-performing assets and to make the required provisions. 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Dudhondi, Maharashtra
- Order Date