Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Urban Co-operative Bank Ltd., Bhubaneswar under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violating Section 31 of the Act, relating to publication/submission of accounts and balance sheet for the year 2010-11 within the stipulated date. RBI had earlier issued a show-cause notice, considered the bank’s written reply and personal submissions, and concluded that the violation was substantiated.