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RBI imposes Rs 49 lakh fine on Bassein Catholic Co-op Bank, Vasai

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RBI imposes Rs 49 lakh fine on Bassein Catholic Co-op Bank, Vasai
The Reserve Bank of India announced on Monday that it has fined Bassein Catholic Co-operative Bank, Vasai, Rs 49 lakh for failing to follow prudential guidelines. The RBI said in a statement that the penalty was levied for failing to follow its instructions on 'Income Recognition, Asset Classification, Provisioning, and Other Related Matters' (IRAC norms).