Case Brief
RBI, by order dated February 14, 2024, imposed a monetary penalty of ₹50,000 on Hanamasagar Urban Co-operative Bank Ltd., Hanamasagar, Karnataka. The action was taken for non-compliance with RBI directions relating to frauds in UCBs and fraud reporting, after inspection found that the bank had not reported a fraud case to RBI within the stipulated timeline. RBI stated that the penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, and that it was based on deficiencies in regulatory compliance.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Hanamasagar, Karnataka
- Order Date