Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Amravati Zilla Mahila Sahakari Bank Ltd., Amravati 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 its guidelines on diversion of funds. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded the violation was substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra
- Order Date