RBI Imposes Monetary Penalty Of Rs 60 Lakh On Bharat Co-operative Bank (Mumbai) Limited

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According to reports coming in Reserve Bank Of India has imposed a monetary penalty of Rs 60 lakh on Bharat Co-operative Bank (Mumbai) Limited.

This monetary penalty has been imposed to the bank because of its non compliance with directions issued by RBI.

There have been income non-compliance with directions by the RBI.  This has been done because of income recognition and asset classification norms and frauds.

Some bad loans have also surfaced by the bank which has also come into notice of The Reserve Bank of India and CEO and advisory has been put on the bank to check and verify its regulations.

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