Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Shri Kanyaka Nagari Sahakari Bank Ltd., Chandrapur under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was levied because RBI found that the bank had violated Operational Instructions issued by the central bank. RBI had issued a show-cause notice, considered the bank's written reply, and then concluded that the violation was substantiated and warranted penal action.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Chandrapur, Maharashtra
- Order Date