RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala
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The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. 1758, Perinthalmanna in Kerala for non-compliance with directions on income recognition and asset classification norms, and on management of advances. One of the directions related to management of advances — UCBS (Urban Co-operative Banks).
Statutory inspection of the bank with reference to its financial position as on March 31, 2019, conducted by RBI, revealed that the bank had not complied with the directions, the central bank said in a statement.
A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI.
Statutory inspection of the bank with reference to its financial position as on March 31, 2019, conducted by RBI, revealed that the bank had not complied with the directions, the central bank said in a statement.
A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI.
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