RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S3

Press Releases Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

81056070

Reserve Bank of India imposes monetary penalty on Navbharat Co-operative Urban Bank Ltd., Hyderabad, Telengana

The Reserve Bank of India (RBI) has imposed, by an order dated January 25, 2022, a monetary penalty of ₹12.00 lakh (Rupees Twelve lakh only) on Navbharat Co-operative Urban Bank Ltd., Hyderabad for (i) violation of directions issued under Supervisory Action Framework, (ii) violation of directions relating to Basic Cybersecurity Framework and (iii) non-compliance with requirements on IS Audit and Internal Audit Compliance. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949 (AACS) taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies 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.

Background

The inspection report of the bank based on its financial position as on March 31, 2019 revealed inter alia, violation / non-compliance with directions issued under Supervisory Action Framework, Basic Cybersecurity Framework and on IS Audit and Internal Audit Compliance. Based on the same a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the directions.

After considering the bank’s reply and oral submissions during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2021-2022/1640

RbiTtsCommonUtility

प्ले हो रहा है
వినండి

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

భారతీయ రిజర్వ్ బ్యాంక్ మొబైల్ అప్లికేషన్‌ను ఇన్‌స్టాల్ చేయండి మరియు తాజా వార్తలకు త్వరిత యాక్సెస్ పొందండి!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

ఈ పేజీ ఉపయోగకరంగా ఉందా?