India, May 23 -- The Reserve Bank of India (RBI) has, by an order dated May 20, 2025, imposed a monetary penalty of Rs 10,000/- (Rupees Ten Thousand only) on The Aska Central Co-operative Bank Ltd., Aska, Odisha (the bank) for non-compliance with certain directions issued by RBI on 'Membership of Credit Information Companies (CICs) by Co-operative Banks'. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supe...