RBI imposes ₹50-lakh fine on Bharat Co-operative Bank over non-compliance

Reserve Bank of India (RBI) imposed a monetary penalty of ₹50 lakh on Bharat Co-operative Bank for non-compliance with the directions issued on 'Income Recognition, Asset Classification, Provisioning and Other Related Matters' (IRAC norms). RBI said that the statutory inspection and other assessments by the RBI revealed the bank didn't classify certain accounts as non-performing assets.