Case Brief
RBI imposed a monetary penalty of ₹1.30 lakh on Sind Co-operative Urban Bank Ltd., Telangana for non-compliance with directions relating to Priority Sector Lending (PSL) targets and classification. The bank had been specifically directed to deposit an amount in the MSE Refinance Fund administered by SIDBI against the shortfall in achievement of PSL target for FY 2022-23, but it failed to make the deposit even after a cautionary letter and a show-cause notice. RBI said 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 1.30 L
- Entity Type
- Co-operative bank
- Location
- Telangana