Case Brief
RBI imposed, by order dated November 11, 2022, a monetary penalty of Rs 1 lakh on Jila Sahakari Kendriya Bank Maryadit, Balaghat (M.P) for contravention of the Banking Regulation Act, 1949 and NABARD directions on 'Frauds - Guidelines for Classification, Reporting and Monitoring'. The inspection report found that the bank delayed submission of OSS returns to NABARD and delayed reporting of frauds. RBI concluded that the non-compliance was substantiated and warranted penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Balaghat, Madhya Pradesh
- Order Date