The Reserve Bank of India (RBI) has imposed a financial penalty of Rs 50.00 lakh on The Urban Co-operative Bank Ltd in Kerala. This tremendous is imposed for non-compliance with instructions issued on Income Recognition and Asset Classification (IRAC) norms and on Management of Advances-UCBs.
Statutory inspection of the financial institution with regards to its monetary place as on March 31, 2019, performed by RBI, revealed that the financial institution had not complied with the instructions, the central financial institution mentioned in an announcement. A discover was issued to the financial institution asking why penalty shouldn’t be imposed for non-compliance with the instructions issued by RBI.
Important takeaways for all aggressive exams:
- RBI twenty fifth Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.
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