Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹15.00 lakh on Bharat Co-operative Bank (Mumbai) Limited by order dated December 18, 2024. The penalty was levied after RBI's statutory inspection and subsequent supervisory review found non-compliance with its directions on Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs. RBI sustained the charge that the bank had failed to classify the loan accounts of certain borrowers 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.