Case Brief
The Reserve Bank of India imposed a penalty of Rs 5 lakh on Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur, Maharashtra under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank violated its instructions on investment in government securities and also breached supervisory action earlier imposed on it by letter dated December 23, 2009. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra
- Order Date