RBI imposes monetary penalty on the United India Co-operative Bank Limited, Nagina

Case Brief

The Reserve Bank of India imposed a monetary penalty on United India Co-operative Bank Limited, Nagina by order dated March 10, 2021. RBI said the bank had not submitted various returns within the stipulated time despite being advised through emails and letters, and that this amounted to contravention of section 27 read with section 56 of the Banking Regulation Act, 1949. After issuing a show-cause notice and considering the bank’s reply, RBI concluded that the non-compliance with its directions was substantiated and imposed the penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56.