Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on Dr. Ambedkar Nagrik Sahakari Bank Maryadit, Gwalior, Madhya Pradesh, under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated Section 27 of the Act and restrictions imposed under the Supervisory Action Framework. After issuing a show-cause notice, reviewing the bank’s written reply and granting personal hearing, RBI concluded that the contraventions were substantiated and warranted penal action.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Gwalior, Madhya Pradesh
- Order Date