Case Brief
The Reserve Bank of India penalised The Bantra Co-operative Bank Ltd., Howrah under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank violated Section 35A directives by allowing withdrawals in Current and Savings Bank accounts beyond the ceiling of Rs 1,000, accepting fresh deposits, and allowing withdrawal of matured fixed deposits. After considering the bank's reply to the show-cause notice, RBI held the violations were substantiated and imposed a penalty of Rs 2 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Howrah, West Bengal
- Order Date