News Details
Category : industry
Headline : RBI imposes monetary penalty on Noida Commercial Co-operative Bank Ltd., Ghaziabad, U.P.
Date: 09/05/2022 13:12
The Reserve Bank of India (RBI) has imposed, by an order dated May 04, 2022, a monetary penalty of ?1.00 lakh (Rupees One Lakh only) on the Noida Commercial Co-operative Bank Ltd., Ghaziabad (the bank) for contravention of Section 35A and section 36 (1) read with Section 56 of the Banking Regulation Act, 1949. This 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.

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.