Case Brief
RBI, by order dated February 27, 2024, imposed a monetary penalty of Rs 75,000 on Jila Sahakari Kendriya Bank Maryadit, Sehore, Madhya Pradesh. The penalty followed a statutory inspection by NABARD and a show-cause process. RBI found that the bank had delayed submission of statutory returns and Off-site Surveillance System (OSS) returns to RBI and NABARD, amounting to non-compliance with section 27 read with section 56 of the Banking Regulation Act, 1949, and imposed the penalty under section 47A(1)(c) read with section 46(4)(i) and section 56 of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 75,000
- Entity Type
- Co-operative bank
- Location
- Sehore, Madhya Pradesh
- Order Date