The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 50.00 lakh on The Urban Co-operative Bank Ltd in Kerala. This fine is imposed for non-compliance with directions issued on Income Recognition and Asset Classification (IRAC) norms and on Management of Advances-UCBs.
Statutory inspection of the bank with reference to its financial position as on March 31, 2019, conducted by RBI, revealed that the bank had not complied with the directions, the central bank said in a statement. A notice was issued to the bank asking why penalty should not be imposed for non-compliance with the directions issued by RBI.
Important takeaways for all competitive exams:
A brief yet poignant scene in the hit series Family Man 3 has opened a…
India is often called the Land of Festivals because it celebrates countless festivals throughout the…
Simone Tata, a transformative figure in India’s business landscape and the step-mother of Ratan Tata,…
IndiGo Airlines is one of India’s most popular and trusted airlines. It is known for…
Many countries have different names in different languages. One such country is Germany, which is…
Northeast India is a region full of beautiful landscapes, green forests and rich culture. A…