RBI Slaps Rs50,000 Penalty on Thoothukudi District Central Cooperative Bank
Moneylife Digital Team 10 May 2024
Reserve Bank of India (RBI) has imposed a penalty of Rs50,000 on Thoothukudi District Central Cooperative Bank Ltd for delay in reporting of fraud. 
 
Thoothukudi District Central Cooperative Bank was penalised for non-compliance with the directions issued by the on frauds - guidelines for classification, reporting and monitoring.
 
Statutory inspection conducted by the National Bank for Agriculture and Rural Development (NABARD) revealed there was a delay in reporting of fraud from Thoothukudi District Central Cooperative Bank.
 
"After considering the reply and oral submissions of the Bank during the personal hearing, RBI concluded that the charges of non-compliance with directions were substantiated and warranted imposition of monetary penalty," the central bank says.
 
RBI said the penalty is based on deficiencies in regulatory compliance and are not intended to be pronounced on the validity of any transaction or agreement they entered into with their customer.
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