RBI imposed penalty on Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Maharashtra

Case Brief

The Reserve Bank of India imposed a monetary penalty of ₹1,80,000 on Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, 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 instructions/guidelines relating to KYC compliance, membership of a CIC, timely and satisfactory submission of compliance to an RBI inspection report, proof of transfer of funds to the Depositor Education and Awareness Fund (DEAF), and submission of XBRL returns. After a show-cause notice and no written reply from the bank, RBI concluded the violations were substantiated and imposed the penalty.