The Reserve Bank of India (RBI) has slapped a monetary penalty of ₹1.25 lakh on Nawadah Central Cooperative Bank Limited, Bihar. The bank had been penalized due to lapses in its compliance with a few key guidelines on Membership of Credit Information Companies (CICs) and Know Your Customer (KYC) norms.
The result was imposed after the inspection of National Bank for Agriculture and Rural development (NABARD).During the exercise, the RBI observed two serious contraventions: the bank had not provided any borrower credit information to the Credit Information Companies (CICs) and had not established any system to carry out periodical reviews of risk categorization of accounts.
After the notice was sent to the bank, RBI scrutinized the submissions made and found them unsatisfactory. It imposed the penalty on the bank considering the lapses it made in its compliance. However, RBI clarified that the regulatory penalty does not affect the validity of the transactions or agreements entered into by the bank and its customers.
-
MIC Electronics Bags Rs 2.21 Cr Orders from Indian Railways
MIC Electronics receives orders worth Rs 2.21 crore from Indian Railways for telecom assets and passenger amenities.
-
Sensex & Nifty 50 End Lower: HDFC Bank Drags While Metals Shine
Dalal Street witnessed a cautious and range-bound session on April 16, 2026, as the benchmark indices ended slightly in the red. The Sensex shed 122.56 points to close at 77,988.68,
-
NCLT Kochi Registers Section 7 Insolvency Plea Against BPL Limited
BPL Limited faces insolvency proceedings after a creditor files an application under Section 7 of the Insolvency and Bankruptcy Code.
-
Wipro Acquires $70.8M Contracts from Alpha Net
Wipro signs definitive agreement to acquire select customer contracts of Alpha Net Consulting LLC for $70.8 million.
-
RailTel Wins Rs 439.63 Cr Order from UP Police
RailTel Corporation secures major order worth Rs 439.63 crore from Uttar Pradesh Police Recruitment And Promotion Board.
-
Sensex Plunges 702 Points, Nifty Slides to 23,842 as Auto and IT Stocks Lead Sell-Off
It was a tough day at the office for Indian investors as the stock market today faced significant downward pressure, with red screens dominating the trading floor. Sentiment remained cautious
