Case Brief
The Reserve Bank of India imposed a monetary penalty on The Shibpur Co-operative Bank Ltd., West Bengal by order dated August 07, 2023. The penalty was for non-compliance with RBI directions on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’, with the inspection report noting breaches of prudential inter-bank (gross) exposure limit and prudential inter-bank counter-party limit. RBI issued a show-cause notice, considered the bank’s written and oral submissions, and concluded that the non-compliance was substantiated, warranting the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Co-operative bank
- Location
- West Bengal