Case Brief
By an order dated February 18, 2025, RBI imposed a monetary penalty on The Gulbarga and Yadgir District Co-operative Central Bank Ltd., Karnataka. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI found that the bank had failed to submit statutory returns to NABARD within the prescribed timeline. The action followed a show-cause notice and consideration of the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Karnataka
- Order Date