Case Brief
RBI, by order dated March 30, 2024, imposed a monetary penalty of ₹3.00 lakh on Omkar Nagreeya Sahkari Bank Ltd., Kanpur. The action followed a statutory inspection with reference to the bank's financial position as on March 31, 2022. RBI found that the bank had failed to comply with directions issued under the Supervisory Action Framework for Primary (Urban) Co-operative Banks, specifically by offering higher interest rates on term and savings deposits than those offered by State Bank of India, contrary to RBI instructions. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Kanpur, Uttar Pradesh