Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1,00,000 on Lucknow University Primary Co-operative Bank Ltd., Lucknow (U.P.) under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action followed a show-cause process, written reply from the bank, and personal hearing. RBI concluded that violations of RBI Instructions/Guidelines relating to supervisory instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS) were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Lucknow, U.P.
- Order Date