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:
The Department of Telecommunications (DoT) has introduced measures to tighten the enforcement on the maximum…
As rivers frequently change their channels, destroy lands around themselves and can even disappear from…
Grandmaster Pranesh M, the young chess talent from India, has claimed victory in the Kanizsa…
Andhra Pradesh State government gives its approval for establishing green artificial intelligence data centre in…
Saudi Arabia, Türkiye and Pakistan signed the Makkah Joint Defence Agreement (MJDA) at Al-Safa Palace…
Mitchell Starc, left arm fast bowler of Australia, has managed to enter the record books…