Case Brief
The Reserve Bank of India penalised Sampada Sahakari Bank Ltd., Pune, Maharashtra under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank had violated its directive under section 41 of the RBI Act, 1934 and several provisions of the Banking Regulation Act, 1949 (AACS) read with the Banking Regulation (Co-operative Societies) Rules, 1966, because it failed to submit various returns. After a show cause notice and the bank’s written reply, RBI concluded the contraventions were established and imposed a penalty of Rs 50,000.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra