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RBl imposes monetary penalty on the Parwanoo Urban Co-operative Bank Limited, Parwanoo

06/18/2021 | 08:37am EDT

�ेस�काशनी PRESS RELEASE

भारतीय �रज़वर्ब�क

संचारिवभाग, क� �ीयकायार्लय, एस.बी.एस.मागर्, मुंबई-400001

RESERVE BANK OF INDIA

वेबसाइट: www.rbi.org.in/hindi

_____________________________________________________________________________________________________________________

Website : www.rbi.org.in

Department of Communication, Central Office, S.B.S.Marg, Mumbai-400001

फोन/Phone: 022- 22660502

-मेल/email: helpdoc@rbi.org.in

June 18, 2021

RBl imposes monetary penalty on the Parwanoo Urban Co-operative Bank

Limited, Parwanoo

The Reserve Bank of India (RBl) has imposed, by an order dated June 18, 2021, a monetary penalty of ₹6.00 lakh (Rupees Six Lakh only) on the Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with certain directions issued by RBI contained in the Master Circular DCBR.BPD.(PCB) MC No.12/09.14.000/2015-16dated July 01, 2015on 'Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs' and the Master Circular DCBR.CO.BPD.(PCB) MC No.13/13.05.000/2015-16dated July 01, 2015on 'Exposure Norms and Statutory / Other Restrictions - UCBs'. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1)

  1. read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, 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, non-adherence with/violation of the aforesaid directions, viz., non-identification of NPAs, wrong classification of assets, inadequate provisions made due to wrong classification of assets and non-adherence to exposure norms in case of individual borrowers and group of borrowers. 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 violation of the said directions.

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

Press Release: 2021-2022/394

(Yogesh Dayal)

Chief General Manager

Disclaimer

Reserve Bank of India published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2021 12:36:04 UTC.


© Publicnow 2021
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