Case Brief
RBI, by order dated December 16, 2022, imposed a monetary penalty of ₹2.00 lakh on The Halol Mercantile Co-operative Bank Ltd., Halol, Dist. Panchmahal (Gujarat). The penalty was for contravention of RBI directions on maintenance of statutory reserves, after inspection revealed the bank had not maintained the minimum Cash Reserve Ratio (CRR). RBI issued a show-cause notice, considered the bank's reply and oral submissions, and then confirmed the non-compliance and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Halol, Gujarat
- Order Date