RBI imposes monetary penalty on three co-operative banks, cancels registration of one HFC. Details here
₹4.00 lakh on Annasaheb Magar Sahakari Bank Ltd., Pune, Maharashtra for non-compliance with certain provisions of RBI directions on ‘Know Your Customer (KYC) direction, 2016’, ‘maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’, and ‘income recognition, asset classification, provisioning and other related matters – UCBs’. The Annasaheb Magar Sahakari Bank had not conducted periodic review of risk categorization of accounts, besides not collecting the fixed penal charge for shortfall in maintenance of minimum balance in saving bank accounts, instead of proportionate to the extent of shortfall.
Then bank had not adhered to the prudential norms relating to income recognition, asset classification and provisioning, the RBI said. "Exciting news! Mint is now on WhatsApp Channels
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