Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5 lakh on Rani Laxmibai Urban Co-operative Bank Ltd., Jhansi, Uttar Pradesh, by an order dated August 29, 2022. RBI said the bank had failed to adhere to specific directions issued under the Supervisory Action Framework (SAF), based on inspection findings for the bank's financial position as on March 31, 2020. After issuing a show-cause notice and considering the bank's reply, RBI concluded that the violation was substantiated and warranted a penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Jhansi, Uttar Pradesh
- Order Date