RBI imposed monetary penalty on Manipur Rural Bank; Check Details

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.10,000 on Manipur Rural Bank, Imphal (the bank) for contravention of/non-adherence with the directions issued by RBI on ‘Strengthening of Prudential Norms – Provisioning, Asset Classification and Exposure Limit’ and ‘Regional Rural Banks – Income Recognition, Asset Classification and Provisioning Norms – Non-Performing Assets (NPAs)’, by an order dated May 11, 2023.

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 51(1) of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.