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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