Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹13,000 on The Bhandara District Central Co-operative Bank Limited, Bhandara, Maharashtra by order dated September 20, 2021. RBI said the bank had contravened / not complied with the Credit Information Companies (Regulation) Act, 2005 and RBI directions on membership of Credit Information Companies by Co-operative Banks. The action followed an inspection report based on the bank’s financial position as on March 31, 2019, a show-cause notice, and RBI’s conclusion that the non-compliance was substantiated. RBI clarified that the penalty was imposed for regulatory non-compliance and was not intended to pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 13,000
- Entity Type
- Co-operative bank
- Location
- Bhandara, Maharashtra