Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5 lakh on Prime Co-operative Bank Ltd., Surat (Gujarat) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated various instructions relating to issuance of Demand Draft/Pay Order during April 1, 2010 to March 31, 2013. After considering the bank’s written reply and personal submissions to the show-cause notice, RBI concluded that the violation was substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Surat, Gujarat
- Order Date