Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on The Bodeli Urban Co-operative Bank Ltd., Bodeli, Dist. Chhota Udepur (Gujarat), under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was based on inspection findings for the financial position as on 31.03.2015 and was imposed after RBI considered the bank’s written reply and personal submissions. RBI said the violations were substantiated and related to ceiling on unsecured advances, credit sanction, KYC/AML guidelines, issuance of at-par cheques against cash, and allotment of UCICs.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Bodeli, Gujarat