RBI imposes monetary penalty on Priyadarshini Mahila Nagari Sahakari Bank Limited, Beed

Case Brief

The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Priyadarshini Mahila Nagari Sahakari Bank Limited, Beed, Maharashtra. RBI said the bank had not adhered to specific directions issued under the Supervisory Action Framework (SAF); the violation was identified in the bank's inspection report as of March 31, 2019. After issuing a show-cause notice, considering the bank's replies and oral submissions, RBI concluded that the non-compliance was substantiated and warranted the penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.