Case Brief
The Reserve Bank of India imposed a monetary penalty on Nagar Sahkari Bank Ltd., Gorakhpur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The violation cited was Section 27, relating to submission of statutory returns. RBI had issued a show-cause notice, but the bank did not submit a reply. After examining the case, RBI held that the contravention was substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Gorakhpur, Uttar Pradesh
- Order Date