Case Brief
RBI, by order dated November 05, 2024, imposed a monetary penalty of Rs 50,000 on The Nilambur Co-operative Urban Bank Ltd., Kerala. The penalty was levied under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after a statutory inspection found non-compliance with RBI directions issued under the Supervisory Action Framework (SAF). RBI noted that the bank had made donations in non-adherence to those directions. The bank's reply and oral submissions were considered before the penalty was imposed.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Nilambur, Kerala
- Order Date