RBI imposes penalty on Kangra Central Co-operative Bank Limited, Kangra, Himachal Pradesh
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5,00,000 on Kangra Central Co-operative Bank Limited, Kangra, Himachal Pradesh. The penalty was issued under Section 46(4) read with Section 47(A)(1)(b) of the Banking Regulation Act, 1949, as applicable to co-operative societies. The stated basis was violation of RBI instructions/guidelines regarding non-SLR investment.
The Reserve Bank of India imposed a penalty under Section 46(4) read with Section 47(A)(1)(b) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for violating RBI instructions/guidelines relating to non-SLR investment.
Severity Assessment
A Rs. 5 lakh monetary penalty falls in the > Rs. 2 lakh and <= Rs. 10 lakh band, which sets severity 2.
The bank must absorb the monetary penalty and ensure future compliance with RBI instructions on non-SLR investment. The order has no stated operational restriction, but it signals supervisory scrutiny of investment-related compliance.
Published as Kangra Central Co-operative Bank Limited
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