Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on Sree Charan Souhardha Co-operative Bank Ltd., Bengaluru by order dated November 05, 2024. The penalty was based on supervisory findings from an inspection with reference to the bank’s financial position as on March 31, 2023. RBI said the bank had not complied with certain directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs, as well as specific directions issued under the Supervisory Action Framework. The sustained charges included failure to classify certain loan accounts as non-performing assets, offering deposit rates higher than those of State Bank of India, and sanctioning fresh loans and advances contrary to SAF directions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location