Case Brief
RBI, by order dated December 12, 2022, imposed a monetary penalty of ₹1.00 lakh on The Harij Nagrik Sahakari Bank Ltd., Harij, district Patan (Gujarat). The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, because the bank failed to maintain the minimum Cash Reserve Ratio (CRR), thereby contravening RBI directions on Maintenance of Statutory Reserves – CRR and SLR by Primary (Urban) Co-operative Banks. The RBI noted that the issue came to light in a statutory inspection and, after a show-cause notice, reply, and oral submissions, concluded the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Harij, Gujarat