Case Brief
RBI imposed a monetary penalty of ₹5.00 lakh on The Baramulla Central Co-operative Bank Ltd., Jammu and Kashmir, following a statutory inspection by NABARD and supervisory findings that the bank had not complied with RBI directions prohibiting acceptance of fresh deposits. After issuing a show-cause notice and considering the bank's reply and oral submissions, RBI sustained the charge and levied the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Baramulla, Jammu and Kashmir
- Order Date