Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Urban Co-operative Bank Ltd., Cuttack under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was imposed because the bank opened four collection counters without prior RBI approval, and RBI concluded the violation was substantiated after considering the bank's written reply to the show-cause notice.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Cuttack, Odisha
- Order Date