Case Brief
By order dated December 12, 2022, RBI imposed a monetary penalty of ₹1.00 lakh on Nagarik Sahakari Bank Ltd., Babra, district Amreli (Gujarat). The penalty was imposed for contravention of RBI directions on maintenance of Statutory Reserves, specifically the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements applicable to primary (urban) co-operative banks. RBI said a statutory inspection with reference to the bank's financial position as on March 31, 2018 found that the bank had not maintained the minimum SLR. After a show-cause notice, the bank's reply and oral submissions were considered, and RBI concluded the charge was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Babra, Gujarat