Case Brief
The Reserve Bank of India imposed a monetary penalty on Hardoi Zila Sahakari Bank Ltd., Hardoi, Uttar Pradesh under the Banking Regulation Act, 1949 (as applicable to co-operative societies). The violations cited were breach of RBI instructions/guidelines on restriction on holding shares in other co-operative societies under Section 19, and non-publication/non-submission of accounts and balance sheet with the auditor’s report under Section 31. After issuing a show-cause notice and reviewing the bank’s reply, RBI concluded the contraventions were substantiated and imposed a penalty of ₹1,00,000.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Hardoi, Uttar Pradesh