RBI imposes monetary penalty on Maharashtra Nagari Sahakari Bank Limited, Latur, Maharashtra - RBI - Reserve Bank of India
RBI imposes monetary penalty on Maharashtra Nagari Sahakari Bank Limited, Latur, Maharashtra
The Reserve Bank of India (RBl) has, by an order dated August 08, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Maharashtra Nagari Sahakari Bank Limited, Latur, Maharashtra (the bank), for non-compliance with certain directions issued by RBI on lncome Recognition and Asset Classification (IRAC) norms and contravention of provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act. (Puneet Pancholy) Press Release: 2024-2025/952
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