Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Shri Anand Nagari Sahakari Bank Ltd., Chandrapur, Maharashtra. The penalty was imposed under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) after RBI found that violations of various norms and RBI instructions were substantiated. The bank had been issued a show-cause notice and had submitted a written reply before the penalty was confirmed.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Chandrapur, Maharashtra
- Order Date