Case Brief
What Happened
RBI imposed a monetary penalty on Koyana Sahakari Bank Ltd., Karad, Maharashtra by order dated September 26, 2024. The bank was found non-compliant with RBI directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters applicable to UCBs, with RBI specifically noting failure to classify certain loan accounts as non-performing assets. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s reply and oral submissions.