The District Co-operative Central Bank Limited

Enforcement Financial services English Monetary penalty

Date: 18th Jul, 2024 Source: Reserve Bank of India Country: India Original Source

(377 kb)

Date : Jul 18, 2024

RBI imposes monetary penalty on The District Co-operative Central Bank Limited, Vizianagaram, Andhra Pradesh

The Reserve Bank of India (RBI) has, by an order dated July 15, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The District Co-operative Central Bank Limited, Vizianagaram, Andhra Pradesh (the bank) for non-compliance with certain directions issued by The National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds – Guidelines for Classification, Reporting and Monitoring’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The statutory inspection of the bank was conducted by NABARD with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with NABARD directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of delay in reporting of frauds to NABARD was sustained, warranting imposition of monetary penalty.

This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/727

The District Co-operative Central Bank Limited

Brief

Reserve Bank of India

Form successfully submitted. One of our GRI rep will contact you shortly

Thanking You!

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.

The District Co-operative Central Bank Limited

Brief

Reserve Bank of India

Form successfully submitted. One of our GRI rep will contact you shortly

Thanking You!

Verify OTP

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.

Enter your Email

Verify Email

Tell us more about yourself

Select your work area

Select your country

All set.