Case Brief
RBI, by order dated December 06, 2022, imposed a monetary penalty of Rs 50,000 on Jila Sahakari Kendriya Bank Maryadit, Shahdol (M.P.). The penalty was imposed for contravention of the Banking Regulation Act, 1949 and directions issued by NABARD, after an inspection revealed delayed submission of OSS returns to NABARD. RBI stated that the action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Act, and clarified that the penalty was based on regulatory compliance deficiencies rather than the validity of customer transactions.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Shahdol, Madhya Pradesh