RBI penalises The Amravati Zilla Mahila Sahakari Bank Ltd., Amravati
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Amravati Zilla Mahila Sahakari Bank Ltd., Amravati under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated its guidelines on diversion of funds. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded the violation was substantiated and that penalty was warranted.
RBI imposed a monetary penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) after finding that the bank had violated RBI guidelines on diversion of funds. The bank had submitted a written reply to the show-cause notice, but RBI concluded the violation was substantiated and warranted a penalty.
Severity Assessment
This is a monetary penalty of Rs 5 lakh, which falls in severity band 1 and there is no additional structural restriction.
The bank must absorb the monetary penalty; the release does not describe any operational restriction beyond the fine. The finding may also affect supervisory scrutiny, but there is no stated direct impact on depositors or customers in this release.
Published as The Amravati Zilla Mahila Sahakari Bank Ltd., Amravati
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