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

Sumit Arora Published On August 17th, 2021 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, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.