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RBI PENALISES BANKS FOR DELAYED REPORTING OF FRAUDS, FLOUTING LOAN NORMS
The Business Guardian
|April 05, 2024
The statutory inspection of the bank conducted by RBI with reference to its financial position as on 31 March, 2022, revealed er alia, that the charge of extending loans to its directors and their relative was sustained,warranting imposition of monetacary penalty.
The Reserve Bank of India (RBI) has imposed penalties on several urban co-operative banks on charges ranging from non-compliance with RBI directions on monitoring and reporting mechanism' to KYC 'maintenance of deposit accounts' and 'management of advances'.
One of the banks facing penalty by RBI of 500,000 is the Himachal Pradesh State Co-operative Bank for contravention of provisions of the Banking Regulation Act, 1949. Inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) which found that the bank had not transferred the eligible amounts to the depositor education and awareness fund within prescribed period was sustained, warranting imposition of monetary penalty.
This story is from the April 05, 2024 edition of The Business Guardian.
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