Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Kasundia Co-operative Bank Ltd., Howrah. RBI said the bank had resorted to borrowings without prior approval from the Reserve Bank, violating Section 35A directions under the Banking Regulation Act, 1949 (AACS). After a show-cause notice and the bank's written reply, RBI concluded that the contravention was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Howrah, West Bengal
- Order Date