The RBI fined Citibank Rs 4 crore and Bharat Co-operative Bank Rs 60 lakh

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New Delhi, 29 May 2020 Friday

The Reserve Bank of India has slapped a fine of Rs 60 lakh on Bharat Co-operative Bank. The Reserve Bank said that the Co-operative Bank of India has not complied with the rules on income recognition, asset classification and fraud.

In the case of Income Recognition and Asset Classification Norms and Fraud (IRAC), this penalty has been imposed for non-compliance with the guidelines.

The RBI has also slapped a fine of Rs 4 crore on Citibank. These penalties are related to obtaining a certificate in a credit facility case by the borrower.

The RBI said Citibank had slapped the penalty for not receiving declarations from customers availing the credit facility and for not complying with the non-fund facility.

Bank of India has been fined Rs 5 crore, Karnataka Bank Rs 1.2 crore, Saraswat Co-operative Bank Rs 30 lakh, TJSB Co-operative Bank Rs 45 lakh and Nagar Urban Co-operative Bank Rs 40 lakh for non-compliance by the central bank in various cases.

Earlier on January 29, the RBI had also slapped a fine of Rs 1 crore on HDFC Bank over KYC rules.

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