RBI imposes monetary penalty on the Kolikata Mahila Co-operative Bank Limited, West Bengal

Case Brief

RBI, by order dated December 27, 2024, imposed a monetary penalty of ₹1.00 lakh on Kolikata Mahila Co-operative Bank Limited. The penalty was imposed after RBI found that the bank had contravened Section 31 of the Banking Regulation Act, 1949 by failing to submit its accounts and balance-sheet together with the auditor’s report for FY 2023-24 within the stipulated three-month period from the close of the financial year. RBI noted that the action was based on supervisory findings and was without prejudice to any other action that may be initiated.