Case Brief
What Happened
By an order dated December 07, 2023, RBI imposed a monetary penalty of Rs 1.50 lakh on The Co-operative Urban Bank Limited, Parlakhemundi. The penalty was for non-compliance with RBI directions on membership of Credit Information Companies and exposure norms applicable to urban cooperative banks. RBI said its inspection found failures to upload credit information to CICs and breaches of prudential inter-bank exposure and counter-party limits, and after considering the bank’s reply and submissions, concluded that the charge was substantiated.