Case Brief
RBI, by order dated February 15, 2022, imposed a monetary penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No.3), Kancheepuram, Tamil Nadu. The penalty was imposed after an inspection based on the bank’s financial position as of March 31, 2020, which revealed violations/non-compliance with directions issued under Exposure Norms and Statutory / Other Restrictions – UCBs. RBI issued a show-cause notice, considered the bank’s reply and oral submissions, and concluded that the charge was substantiated. The action was taken 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Kancheepuram, Tamil Nadu