Case Brief
By an order dated December 06, 2022, RBI imposed a monetary penalty of Rs 50,000 on Jila Sahakari Kendriya Bank Maryadit, Bilaspur (C.G.). The penalty was imposed for contravention of the Banking Regulation Act, 1949 and directions issued by NABARD, based on inspection findings that the bank had delayed submission of statutory/OSS returns to NABARD. 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 50,000
- Entity Type
- Co-operative bank
- Location
- Bilaspur, Chattisgarh
- Order Date