Edited By Shashank Jha | | Updated: 29 May 2020, 08:55:00 PM IST
The Reserve Bank of India has imposed a fine of Rs 60 lakh on the India Co-operative Bank. This penalty has been imposed for not following the guidelines in the case of Income Recognition and Asset Classification (IRAC).
Four crore on Citibank
Apart from this, RBI has also imposed a fine of four crore on Citibank. This penalty is related to the credit holders getting a certificate in the case of credit facility.
Fines imposed on many banks
The central bank has disregarded the rules in different cases, 5 crore on Bank of India, 1.2 crore on Karnataka Bank, 30 lakh on Saraswat Co-operative Bank, 45 lakh on TJSB Co-operative Bank and 40 lakh on Urban Urban Co-operative Bank Lakhs have been imposed.