RBI imposes monetary penalty on Sree Charan Souhardha Co-operative Bank Ltd., Bengaluru

"On 07/11/2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on Sree Charan Souhardha Co-operative Bank Ltd., Bengaluru. The bank was penalized ₹2.00 lakh for non-compliance with RBI directions on income recognition and asset classification." The Reserve Bank of India imposed a monetary penalty on Sree Charan Souhardha Co-operative Bank Ltd., Bengaluru, for non-compliance with specific RBI directions. The bank failed to classify certain loan accounts as non-performing assets and offered interest rates higher than those offered by State Bank of India.