Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on Jila Sahakari Kendriya Bank Maryadit, Bhind (Madhya Pradesh) by order dated February 14, 2023. The penalty was for contravention of the Banking Regulation Act, 1949 and NABARD directions on submission of returns, after inspection revealed delays in submitting statutory returns to RBI and OSS returns to NABARD. RBI issued a show-cause notice, considered the bank's reply and oral submissions, and concluded that the non-compliance was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Bhind, Madhya Pradesh
- Order Date