Case Brief
The Reserve Bank of India imposed a penalty of Rs 2 lakh on The Krishnanagar City Co-operative Bank Limited by order dated August 10, 2020. RBI said the bank contravened directions on "Exposure Norms and Statutory/Other Restrictions-UCBs", based on inspection findings for the bank's financial position as on March 31, 2019. After issuing a show-cause notice and reviewing the bank's reply, RBI concluded that the violation was substantiated and invoked 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Krishnanagar, West Bengal
- Order Date