Case Brief
The Reserve Bank of India imposed a monetary penalty on Bilaspur Nagrik Sahakari Bank Limited, Bilaspur, after a statutory inspection and supervisory review found non-compliance with RBI directions for Urban Co-operative Banks on exposure norms and related statutory/other restrictions. RBI said the bank failed to comply with the prudential inter-bank (Gross) exposure limit; after a show-cause process and consideration of the bank’s reply, the charge was sustained. The penalty was levied 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Bilaspur, Chhattisgarh