Case Brief
The Reserve Bank of India imposed a penalty of Rs 50,000 on Vananchal Gramin Bank, Dumka, Jharkhand under Section 47A read with Section 46(4) of the Banking Regulation Act, 1949. RBI said the bank had violated Branch Licensing Guidelines. After issuing a show cause notice, RBI considered the bank's reply and personal submissions and concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Bank
- Location
- Dumka, Jharkhand
- Order Date