Case Brief
What Happened
The Reserve Bank of India penalised Corporation Bank by order dated November 29, 2019 for multiple regulatory non-compliances. The issues related to RBI directions on income recognition, asset classification and provisioning, divergence in NPA accounts, investment portfolio norms, distressed asset revitalisation, end-use monitoring, bill discounting/rediscounting, and fraud classification/reporting. RBI said the action was based on deficiencies in regulatory compliance and was taken under the Banking Regulation Act, 1949.