RBI imposes Rs 50-lakh fine on Bharat Co-operative Bank

Posted on   9:12 am

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 50 lakh on Bharat Co-operative Bank (Mumbai) Ltd, Maharashtra, for non-compliance with the directions issued by the central bank on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’ (IRAC norms).