Case Brief
By an order dated November 09, 2022, RBI imposed a monetary penalty of ₹2.00 lakh on The Santrampur Urban Co-operative Bank Ltd., Santrampur, district Mahisagar (Gujarat). The penalty was imposed because a statutory inspection found that the bank had not maintained the minimum Cash Reserve Ratio (CRR), which constituted contravention of RBI directions on maintenance of Statutory Reserves—CRR and SLR for Primary (Urban) Co-operative Banks. RBI stated that the action was based on deficiencies in regulatory compliance and did not pronounce on the validity of any transaction or agreement with customers.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Santrampur, Gujarat