Case Brief
The Reserve Bank of India imposed a monetary penalty on Saraspur Nagrik Co-operative Bank Ltd., Ahmedabad (Gujarat) for contravention of RBI directions on maintenance of statutory reserves, specifically the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) applicable to primary (urban) co-operative banks. RBI’s inspection, with reference to the bank’s financial position as on March 31, 2019, found that the bank had not maintained the minimum CRR. After issuing a show-cause notice and considering the bank’s reply and oral submissions, RBI held the non-compliance substantiated and levied a penalty of ₹2.00 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat