Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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RBI imposes monetary penalty on The Prakasam District Co-operative Central Bank Ltd, Ongole, Andhra Pradesh
RBI
The Reserve Bank of India (RBI) imposed a ₹50,000/- penalty on The Prakasam District Co-operative Central Bank Ltd, Andhra Pradesh, for non-compliance with NABARD's guidelines on fraud reporting. The penalty, under Banking Regulation Act sections 47A(1)(c), 46(4)(i), and 56, followed NABARD's inspection of the bank's March 31, 2023 financials. \r
Despite notice and hearing, the RBI found the bank's delay in reporting fraud to NABARD substantiated. The penalty aims at regulatory compliance and doesn't judge the bank's transactions. It's noted that further RBI actions may follow.
