Case Brief
What Happened
By an order dated February 08, 2024, RBI imposed a monetary penalty of ₹2.50 lakh on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra. RBI said the bank had not complied with directions on 'Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs' and, on inspection and subsequent proceedings, concluded that the non-compliance was substantiated. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.