Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹3.00 lakh on The Nakodar Hindu Urban Cooperative Bank Ltd, Nakodar by order dated March 01, 2023. RBI said the bank had not complied with Supervisory Action Framework directions because it offered interest rates on deposits for various durations higher than those offered by SBI, and after considering the bank’s reply and oral submissions, concluded that the contravention of Section 35A and Section 36(1) read with Section 56 of the Banking Regulation Act, 1949 was established.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Nakodar, Punjab
- Order Date