Case Brief
By an order dated December 16, 2022, RBI imposed a monetary penalty of ₹2.00 lakh on The Kachchh District Central Co-operative Bank Ltd., Kachchh (Gujarat) for contravention of its directions on Maintenance of Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) for StCBs and CCBs. The inspection for the financial position as on March 31, 2020 found that the bank had not maintained the minimum CRR. After a show-cause notice, the bank’s reply and oral submissions were considered, and RBI concluded the charge was substantiated and warranted the penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Kachchh, Gujarat