The Reserve Bank of India (RBI) has, by an order dated September 23, 2021, imposed a monetary penalty of Rs 79.00 lakh on Apna Sahakari Bank, based in Mumbai.
The UCB was found guilty of non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and other related matters (IRAC norms)’, ‘Interest Rate on Deposits’ and ‘Maintenance of Deposit Accounts’.
This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI.