RBI slaps monetary penalty on 2 Mumbai-based cooperative banks3 min read 29 Nov 2022, 04:05 PM IST
The Reserve Bank of India (RBI) has imposed a monetary penalty on two Mumbai-based cooperative banks.
The Reserve Bank of India (RBI) has imposed a monetary penalty on two Mumbai-based cooperative banks. RBI has taken a monetary action of ₹1.25 crore on Zoroastrian Co-operative Bank, Bombay, for non-compliance with RBI directions on 'Discounting of Bills by UCBs - Restricted Letters of Credit' and the provisions of the Co-operative Banks Rules, 1985. Whereas, on the other hand, RBI has imposed a monetary penalty of ₹50.00 lakh on Bharat Co-operative Bank (Mumbai) for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’ (IRAC norms).
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