Case Brief
The Reserve Bank of India imposed a monetary penalty on Arvind Sahakari Bank Limited, Katol, Maharashtra, after finding contravention of RBI directions relating to installing Off-site ATMs. The case arose from an inspection based on the bank's financial position as on March 31, 2019, followed by a show-cause notice and consideration of the bank's replies and oral submissions. RBI concluded that the non-compliance was substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Katol, Maharashtra
- Order Date