Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Baripada Urban Co-operative Bank Ltd., Baripada under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of Section 31 of the Act, relating to publication/submission of accounts and balance sheet for the year 2011-12 within the stipulated date. RBI had issued a show-cause notice, received the bank’s written reply, and after examining the facts concluded that the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Baripada
- Order Date