Case Brief
By an order dated November 07, 2023, RBI imposed a monetary penalty of ₹50,000 on The Balasore Bhadrak Central Co-operative Bank Ltd., Balasore, for non-compliance with RBI directions on 'Membership of Credit Information Companies (CICs)'. The action followed a NABARD statutory inspection that found the bank had failed to upload credit information to CICs. RBI issued a show-cause notice, considered the bank’s reply, additional submissions, and oral hearing, and then concluded that the violation was substantiated, warranting the penalty under section 25(1)(iii) read with section 23(4) of the Credit Information Companies (Regulation) Act, 2005.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Balasore, Odisha