Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5,00,000 on Urban Co-operative Bank Ltd., Sitapur 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 for continuous non-submission of returns under Section 27 of the Act. RBI had issued a show-cause notice, the bank submitted a written reply, and RBI concluded that the violation was substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Sitapur
- Order Date