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Category :
industry
Headline :
RBI imposes monetary penalty on Abhyudaya Co-operative Bank Limited, Mumbai
Date:
10/05/2022 14:21
The Reserve Bank of India (RBI) has, by an order dated May 05, 2022, imposed a monetary penalty of ?58.00 lakh (Rupees Fifty-Eight Lakh only) on Abhyudaya Co-operative Bank Limited, Mumbai (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks’, ‘Monitoring and Reporting Mechanism of Frauds’, ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters (IRAC norms)’ and ‘Management of Advances’. This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46(4)(i) and 56 of Banking Regulation Act, 1949 (BR Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on deficiency 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.
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