Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Sanmitra Sahakari Bank Ltd., Pune under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated operational instructions by opening a new branch without prior permission of the Reserve Bank. After issuing a show-cause notice and considering the bank's written reply, RBI concluded the violation was substantial and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date