Case Brief
By an order dated October 04, 2024, RBI imposed a monetary penalty of ₹50,000 on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh, under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The action followed supervisory findings that the bank had contravened Section 31 of the BR Act by not submitting its accounts and balance-sheet together with the auditor’s report for the financial year 2022-23 to RBI within the stipulated three-month period. RBI stated that the penalty was based on regulatory non-compliance and without prejudice to any other action that may be initiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Andhra Pradesh