Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2 lakh on Indore Premier Co-operative Bank Ltd., Indore (M.P.), by order dated December 05, 2022. RBI said the bank had contravened section 19 read with section 56 of the Banking Regulation Act, 1949 by not complying with directions on the extent and conditions for holding shares in another co-operative society. The penalty was levied under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Act after the bank's replies and submissions were considered.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Indore, Madhya Pradesh
- Order Date