Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on The Co-operative Urban Bank Ltd., Parlakhemundi by order dated August 10, 2020. RBI said the bank had contravened directions on “Exposure Norms and Statutory/Other Restrictions-UCBs,” based on inspection/scrutiny findings for the bank’s financial position as on March 31, 2018. After issuing a show-cause notice and considering the bank’s reply, RBI concluded that the non-compliance was substantiated and imposed the penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Parlakhemundi