Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on The Citizen Co-operative Bank Limited, Bangalore, Karnataka, after finding non-compliance with directions on 'Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs'. Following a statutory inspection as on March 31, 2025, RBI issued a show-cause notice and considered the bank's reply and oral submissions before concluding that the charge regarding failure to classify certain loan accounts as NPAs was sustained. 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 50,000
- Entity Type
- Co-operative bank
- Location
- Bangalore, Karnataka