CURRENT AFFAIRS : BANKING & FINANCE
RBI Imposes Rs 60.20 lakhs penalty on Bihar State Co-operative Bank Limited for various short comings
- The Reserve Bank of India (RBI) has imposed a penalty of Rs 60.20 lakhs on The Bihar State Co-operative Bank Limited, Patna, for a slew of shortcomings and violations.
Reason :
- A statutory inspection of the Patna-based bank by the National Bank For Agriculture And Rural Development (NABARD) after FY20 revealed that it failed to put in robust software for identifying and reporting suspicious transactions and submit statutory returns within prescribed timelines.
