Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on The Amravati Merchants’ Co-operative Bank Ltd., Amravati, by order dated March 11, 2022. RBI said the bank had contravened directions issued to Urban Co-operative Banks on Frauds – Classification and Reporting by delaying the reporting of a fraud. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI considered the bank's replies and oral submissions and found the charge substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Amravati, Maharashtra
- Order Date