Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on Karad Urban Co-operative Bank Ltd., Karad under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank violated its instructions by shifting its Market Yard Branch, Sangli to a new premises and changing Municipal Ward No. 35 to 50 without prior permission. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violation was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Karad
- Order Date