Agartala: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 lakh on Tripura Gramin Bank for non-adherence to the directions issued by RBI on ‘Strengthening of Prudential Norms’.
The RBI said in a press release that it has imposed the penalty by an order dated May 10, 2023.
The RBI said that the statutory inspection of the bank was conducted by NABARD with reference to its financial position as on March 31, 2022.
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The RBI said that the examination of the Inspection Report revealed that the bank had failed to classify certain loan accounts as non-performing in accordance with the IRAC norms.
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Based on this, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for non-compliance with the directions.
The RBI said that after considering the bank’s reply to the notice, additional submissions made and oral submissions made by it during Personal Hearing, the RBI came to the conclusion that the aforementioned charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.