Case Brief
The Reserve Bank of India imposed a monetary penalty on Walchandnagar Sahakari Bank Ltd., Walchandnagar, District Pune, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of RBI directive/instructions, delayed or non-submission of compliance to irregularities noted during RBI inspections in 2014 and 2016, and failure to submit replies to RBI show-cause notices. RBI said the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Walchandnagar, Maharashtra
- Order Date