Nanital Bank fined Rs 1 crore by RBI

Mumbai-based Reserve Bank of India (RBI) has imposed Rs 1 crore fine to Nanital Bank. The reason behind this monetary penalty was because of Nanital Bank’s failure to fully automate the non-performing asset (NPA) identification process, despite specific directions issued in this regard.
Under the provision of the Banking Regulation Act, 1949 RBI has imposed the penalty because Nanital Bank has failed to adhere to the aforesaid direction issued by the RBI.