Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹0.20 lakh (₹20,000) on Nesargi Urban Co-operative Bank Limited, Nesargi, in exercise of powers 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 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 after considering the facts and the bank’s representation, RBI concluded that the violation was substantiated and penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 20,000
- Entity Type
- Co-operative bank
- Location
- Nesargi, Karnataka
- Order Date