Case Brief
By an order dated August 01, 2022, RBI imposed a monetary penalty on The Goa State Co-operative Bank Ltd., Panaji for non-compliance with section 9 read with section 56 of the Banking Regulation Act, 1949. RBI said the bank failed to dispose of a non-banking asset within the statutory timeline after acquisition. After issuing a show-cause notice and considering the bank's reply, additional submissions, and oral hearing, RBI concluded that the contravention was substantiated and warranted penalty under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 2.51 L
- Entity Type
- Co-operative bank
- Location
- Panaji, Goa
- Order Date