RBI imposes Rs 58 lakh penalty on Abhyudaya Co-operative Bank : Rashtra News
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The penalty has been imposed for non-compliance of 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’.
In a separate statement, the RBI said a penalty of Rs 1 lakh has been imposed on the Noida Commercial Co-operative Bank, Ghaziabad for contravention of certain norms of the Banking Regulation Act, 1949.
In both case, the penalities are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by them with their customers, the RBI said.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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