Case Brief
By an order dated December 28, 2022, RBI imposed a monetary penalty of Rs 1 lakh on The Sahebrao Deshmukh Cooperative Bank Ltd., Mumbai. The action was taken for non-compliance with RBI directions on 'Frauds monitoring and reporting mechanism' after inspection showed the bank had reported fraud cases with delay. RBI invoked its powers under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, and concluded the breach was substantiated after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai
- Order Date