Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on The Swasakthi Mercantile Cooperative Urban Bank Ltd., Vijayawada, Krishna District, Andhra Pradesh, by order dated September 08, 2021. The penalty was levied for contravention of and non-compliance with certain provisions of RBI's Master Circular on Board of Directors – UCBs dated July 1, 2015. RBI said the action was based on inspection findings as of March 31, 2019, and that the bank's reply and oral submissions did not alter the conclusion that the charges were substantiated. 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 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vijayawada, Andhra Pradesh