Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Mathura Zila Sahkari Bank Ltd., Mathura, Uttar Pradesh under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank was found to have violated RBI instructions/guidelines on restriction on holding shares in other co-operative societies under Section 19 of the Act. RBI had issued a show-cause notice, considered the bank’s written reply, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Mathura, Uttar Pradesh
- Order Date