Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on The Uravakonda Co-operative Town Bank Ltd., Uravakonda, Andhra 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 KYC directions, did not submit returns, and did not submit or wrongly submitted compliance reports. After issuing a show-cause notice, reviewing the bank’s written reply, and providing a personal hearing, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Uravakonda, Andhra Pradesh