Supreme Court: Inclusion in Revised Select List Does Not Give TN MV Inspectors a Vested Right  ||  Bombay HC: ICC Cannot Hear Sexual Harassment Complaint over Non-Employer Transport Incident  ||  Ker HC Upholds Rule that Homeopathic Doctors Must Cancel Registration Before Enrolment as Advocates  ||  J&K&L HC: Evidence Negating Penetration Warrants Conviction For Attempt to Rape, Not Rape  ||  Karnataka High Court Rules on Daughter’s Coparcenary Rights in Grandfather’s Self-Acquired Property  ||  Madhya Pradesh HC: Police Can be Prosecuted for Custodial Violence Without Prior Sanction  ||  AP HP Criticized Authorities and Ordered Removal of an Ex-Serviceman’s Land From the Prohibited List  ||  Kerala High Court Upheld the Conviction of a Madrasa Teacher in a Child Sexual Assault Case  ||  Gauhati High Court: Pending Criminal Case Cannot Indefinitely Delay an MBBS Pass Certificate  ||  SC Took Suo Motu Action and Directed Odisha to Aid a Visually Impaired Man and His Mother    

Reserve Bank of India imposes monetary penalty on Apna Sahakari Bank Ltd., Mumbai- (Reserve Bank of India) (23 Jan 2020)

MANU/RPRL/0012/2020

Banking

The Reserve Bank of India (RBI) has, by order dated January 22, 2020, imposed monetary penalty of Rs. 14 lakh on Apna Sahakari Bank Ltd., Mumbai, (the bank) for non-compliance with directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, for failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The statutory inspection of the bank with reference to its financial position as on March 31, 2018, conducted by RBI, revealed, inter alia, non-compliance with RBI directions on IRAC norms. In furtherance to the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for failure to comply with the aforesaid directions. After considering the bank's reply, oral submissions made during the personal hearing and examination of additional submissions, RBI came to conclusion that the aforesaid charges were established which warranted imposition of monetary penalty.

Tags : PENALTY   IMPOSITION   BANK  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved