Case Brief
The Reserve Bank of India imposed a monetary penalty on The Karad Urban Co-operative Bank Ltd. by order dated December 1, 2020. The bank was found, after statutory inspection, to have contravened certain RBI directions issued under the Supervisory Action Framework, and RBI concluded the charge was substantiated after considering the bank's reply and oral submissions. The penalty was imposed 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 10.0 L
- Entity Type
- Co-operative bank
- Location
- Karad, Maharashtra
- Order Date