RBI imposes Rs 1.25 crore penalty on Zoroastrian Co-operative Bank

In a release, the RBI said the bank had failed to comply with its directions on 'Discounting of Bills by UCBs - Restricted Letters of Credit (LC)' and the provisions of the Rules, as it discounted accommodation bills under LCs without establishing the genuineness of underlying transactions/ documents and failed to preserve records in good order for a period of eight years.

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