Case Brief
RBI imposed a monetary penalty on Pen Co-operative Urban Bank Ltd., Pen, Raigad, Maharashtra under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. The bank was found to have violated Section 35(2) of the Act after RBI issued a show-cause notice and examined the bank's reply. RBI concluded that the violation was established and imposed a penalty of Rs 1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pen, Maharashtra
- Order Date