Case Brief
By an order dated December 12, 2022, RBI imposed a penalty on The Bechraji Nagarik Sahakari Bank Ltd., Bechraji, district Mehsana (Gujarat). The bank was found to have failed to maintain the minimum Cash Reserve Ratio (CRR) in violation of RBI directions on maintenance of Statutory Reserves (CRR and SLR) for primary (urban) co-operative banks. RBI said the penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Bechraji, Gujarat
- Order Date