Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1,00,000 on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The violation related to opening an on-site ATM without obtaining prior approval from RBI. After a show-cause notice and review of the bank's reply, RBI held the contravention substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Lucknow
- Order Date