INSUBCONTINENT EXCLUSIVE:
RBI imposed the penalty on non-compliance of normsThe Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 56 lakh on
The Nainital Bank, Uttarakhand, for non-compliance with certain norms related to classification of non-performing assets and frauds.The
on March 31, 2019 and found non-compliance with certain directions.There was a divergence between bank's reported NPAs and NPAs assessed
during the inspection on account of failure to classify certain borrower accounts as NPA
There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI, despite
exceeding the defined threshold, in the Notes to Accounts, the RBI said in a statement.There was also a failure on the part of the bank to
report frauds as per the RBI directions
The RBI, however, said the action against The Nainital Bank is based on the deficiencies in regulatory compliance and is not intended to
