Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Shree Vardhaman Sahakari Bank Ltd., Vadodara (Gujarat) by order dated December 12, 2022. RBI said the bank contravened its directions on maintenance of statutory reserves, specifically the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements for primary (urban) co-operative banks, because it had not maintained the minimum CRR. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI considered the bank's response and oral submissions and found the charge substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat