RBI imposes ₹1 crore penalty on Cooperatieve Rabobank U.A

Sumit Arora Last updated on August 17th, 2021 03:54 pm Leave a comment

RBI imposed a monetary penalty of ₹1 crore on Cooperatieve Rabobank UA. Its Mumbai Branch is a part of the Netherlands-based Rabobank Group. The penalty has been imposed for contravention of certain provisions of the Banking Regulation Act, 1949 and directions related to ‘transfer to reserve funds’.

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The RBI said it conducted a statutory Inspection for Supervisory Evaluation (ISE) of the bank with reference to the bank’s financial position as on 31 March last year. Examination of the risk assessment report pertaining to the same revealed contravention of the provisions of the Banking Regulation Act and the directions issued by the central bank.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.