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RBI imposes penalty on Sitapur Urban Co-operative Bank Ltd

New Delhi: The Reserve Bank of India has imposed a monetary penalty of ₹ 5,00,000/- (₹ five lakh only) on Urban Co-operative Bank Ltd., Sitapur in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for continuous non-submission of the returns u/s 27 of the Act ibid.

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank had submitted a written reply. After considering the facts of the case, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.

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