RBI Imposes ₹2 Lakh Penalty on Manipur State Co-operative Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Manipur State Co-operative Bank Ltd., Manipur for contravention of provisions of Section 9 of Banking Regulation Act,1949 (BR Act).

RBI Imposes ₹2 Lakh Penalty on Manipur State Co-operative Bank

RBI Imposes Rs. 2 Lakh Penalty on Manipur State Co-operative Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2,00,000 lakh (Rupees Two Lakh only) on The Manipur State Co-operative Bank Ltd., Manipur for contravention of provisions of Section 9 of Banking Regulation Act,1949 (BR Act) and non-compliance with the of provisions of Credit Information Companies (Regulation) Act, 2005.

Read Also: RBI Imposes Rs1.50 Lakh Penalty on Urban Co-operative Bank Cuttack

Background

The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023.

Based on supervisory findings of non-compliance with statutory provision / RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said statutory provisions.

Read Also: RBI imposes 1.27 crore penalty on Bank of Maharashtra

After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:-

• The bank had failed to dispose of certain Non-Banking Assets (NBAs) within the prescribed period.
• The bank failed to report credit information of customers to four Credit Information 

Static Current Affairs related to RBI for upcoming exams

• Establishment of Reserve Bank of India (RBI): 1 April 1935
• Headquarters of RBI: Mumbai, Maharashtra, India
• Governor of RBI: Shaktikanta Das, IAS
• Deputy Governor of RBI: M. Rajeshwar Rao, Swaminathan J, T. Rabi Sankar & Dr. M.D. Patra
• Ownership of RBI: Ministry of Finance , Government of India

Current Policy Rates

• Policy Repo Rate: 6.50%
• Reverse Repo Rate: 6.25%
• Marginal Standing Facility Rate: 6.75%
• Bank Rate: 6.75%

Current Reserve Ratio

• CRR: 4.50%
• SLR: 18.00%