Case Brief
By an order dated November 06, 2024, RBI imposed a monetary penalty on Bally Co-operative Bank Ltd., Howrah, West Bengal for non-compliance with directions on Priority Sector Lending (PSL) targets/classification and specific directions on making contribution to the MSE Refinance Fund. The bank had been directed to deposit an amount with SIDBI against its PSL shortfall for FY 2022-23, failed to do so even after a cautionary letter, and RBI sustained the charge after considering the bank's reply and oral submissions. The penalty was imposed under sections 47A(1)(c), 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.10 L
- Entity Type
- Co-operative bank
- Location
- Howrah, West Bengal