Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Shree Vardhaman Sahakari Bank Ltd., Vadodara (Gujarat), under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the penalty was for violation of operational instructions issued under section 36(1) of the Banking Regulation Act, 1949 (AACS), based on inspection findings for the bank's financial position as on March 31, 2013. The bank submitted a written reply and made a personal submission, but RBI found the violation substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat