Case Brief
The Reserve Bank of India imposed a monetary penalty on Krishna Pattana Sahakar Bank Niyamitha, Shahpur, Karnataka 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 for non-submission of returns under Section 27(2) of the Act. RBI had issued a show-cause notice, the bank sought a personal hearing, and RBI concluded that the violation was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 4,000
- Entity Type
- Co-operative bank
- Location
- Shahpur, Karnataka
- Order Date