Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Balangir District Central Cooperative Bank Limited, Balangir, Odisha. RBI said the bank contravened Section 9 of the Banking Regulation Act, 1949 and did not adhere to RBI directions regarding disposal of non-banking assets. The penalty was imposed after inspection findings showed violations/non-compliance, and after the bank's reply and additional submissions were considered under the statutory powers cited.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Balangir, Odisha
- Order Date