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Bassein bank: RBI imposes Rs 49 lakh penalty on Bassein Catholic Co-op Bank, Vasai

by Euro Times
June 6, 2022
in Finance
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Reserve on Monday stated it has imposed a penalty of Rs 49 lakh on Bassein Catholic Co-operative Financial institution, Vasai for non-compliance with prudential norms. In a press release, the RBI stated the penalty has been imposed for non-compliance with the instructions issued by it on ‘Earnings Recognition, Asset Classification, Provisioning and Different Associated Issues’ (IRAC norms).

The central financial institution had performed the statutory inspection of Bassein Catholic Co-operative Financial institution as regards to its monetary place as on March 31, 2019.

Based on the assertion, in non-compliance with IRAC norms, the financial institution in sure cases had upgraded/regularised mortgage accounts of debtors with out recovering overdue quantities and had not categorized present non-performing mortgage accounts of debtors as NPAs on restructuring.

A present trigger discover was issued to the lender.

“After contemplating the financial institution’s reply to the discover, oral submissions made throughout the private listening to and examination of extra submissions made by it, RBI got here to conclusion that the cost of non-compliance…was substantiated and warranted imposition of financial penalty,” it stated.

In a separate launch, the RBI stated it has imposed a penalty of Rs 50,000 on Jila Sahakari Kendriya Financial institution Maryadit, Morena (Madhya Pradesh), for contravention of its instructions associated to Know Your Buyer (KYC).

The central financial institution, nonetheless, stated the penalties are based mostly on deficiency in regulatory compliance and isn’t supposed to pronounce upon the validity of any transaction or settlement entered into by the banks with their clients.



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Tags: BankBasseinCatholicCoOpimposeslakhPenaltyRBIVasai
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