Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on The Siddhi Co-operative Bank Ltd., Ahmedabad under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated instructions/directions by not disclosing a prior penalty in its balance sheet and by inordinately delaying submission of Securities Transaction Reports (STRs) without cogent reason. After issuing a show-cause notice and considering the bank’s written reply and personal submissions, RBI concluded that the violations were substantiated and merited penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad