Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Tenali Co-operative Urban Bank Ltd., Tenali, Andhra Pradesh 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 provisions relating to publication and submission of the balance sheet, profit & loss account, and auditor’s report for the year 2013-14. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violations were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Tenali, Andhra Pradesh