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RBI monetary penalty on two co-operative banks Reserve Bank of India

RBI monetary penalty on two co-operative banks

India Blooms News Service | @indiablooms | 27 Oct 2021, 02:47 pm

Mumbai/IBNS: Reserve Bank of India (RBI) on Tuesday imposed monetary penalty on two cooperative banks for not complying with its various rule violations.

Vasai Vikas Sahakari Bank, Maharashtra and the Citizens Urban Co-operative Bank Ltd, Jalandhar, Punjab have been fined Rs 7 lakh and Rs 90 lakh, respectively by the Central bank.

Citizens Urban Co-operative Bank Ltd, Jalandhar, Punjab violations related to non-identification of NPAs, wrong classification of assets and inadequate provisions made due to the wrong classification of assets, the RBI said.

RBI found noncompliance with its directions on ensuring end-use of funds in borrowal accounts and classification of loans/ advances as non-performing assets with reference to the Vasai Vikas Sahakari Bank’s financial position as on March 31, 2019.