Case Brief
The Reserve Bank of India imposed a monetary penalty on Shri Yugprabhav Sahakari Bank Ltd., Vadodara (Gujarat) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violations relating to proper submission of compliance on RBI Inspection Report 2013 and sustenance thereof, maintaining at least 25% of NDTL in Government and other approved securities, and compliance with Income Recognition & Assets Classification (IRAC) norms. RBI noted that the bank responded to a show-cause notice, but still found the violations substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat