Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on Teachers' Co-operative Bank Limited, Udupi, Karnataka under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty followed a show-cause notice and subsequent reply/submissions by the bank. RBI concluded that the bank had violated its directives relating to collection of third party account payee cheques and that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Udupi, Karnataka
- Order Date