Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Sree Chaitanya Co-operative Bank Ltd., Nadia (West Bengal), 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 requirements relating to non-publication and non-submission of accounts and balance sheet. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violation was substantiated and warranted penalty.