Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹13.30 lakh on Karad Urban Co-operative Bank Ltd. Karad by order dated March 01, 2024. RBI said the bank had not complied with certain directions on ‘Interest Rate on Deposits’. The action followed a statutory inspection, supervisory findings, a show-cause notice, and consideration of the bank’s reply and personal hearing submissions. RBI also noted that the charge regarding opening savings deposit accounts in the name of certain ineligible entities was sustained.
Action Snapshot
- Primary Impact
- Fine: Rs 13.3 L
- Entity Type
- Co-operative bank
- Location
- Karad
- Order Date