Case Brief
By an order dated December 12, 2024, RBI imposed a monetary penalty on Raj Rajeshwari Mahila Nagrik Sahakari Bank Maryadit, Shajapur (MP) for failing to comply with RBI’s directions on Priority Sector Lending (PSL) targets and classification, including a specific direction to deposit the shortfall amount into the MSE Refinance Fund administered by SIDBI for FY 2022-23. RBI noted that the bank did not deposit the specified amount even after receiving a cautionary letter and a subsequent show-cause notice. 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 1.10 L
- Entity Type
- Co-operative bank
- Location
- Shajapur, MP