Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Baidyabati-Sheoraphuli Co-operative Bank Ltd., Dist- Hooghly, West Bengal, 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 levied after RBI found violations of extant guidelines relating to the limit of Non-SLR investment, individual and group exposure ceilings for lending operations, and Know Your Customer (KYC) related instructions, following a show-cause notice, the bank’s reply, and a personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Baidyabati-Sheoraphuli, West Bengal