Nagar Sahakari Bank Limited, Gorakhpur - Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty on Nagar Sahkari Bank Ltd., Gorakhpur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The violation cited was Section 27, relating to submission of statutory returns. RBI had issued a show-cause notice, but the bank did not submit a reply. After examining the case, RBI held that the contravention was substantiated and imposed the penalty.
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). The penalty was for violation of Section 27 relating to submission of statutory returns. RBI issued a show-cause notice, but the bank did not submit its reply; after considering the facts, RBI concluded that the violation was substantiated and warranted penalty.
Severity Assessment
The action is a monetary penalty of ₹1 lakh, which falls in the lowest monetary band (up to ₹5 lakh).
The bank must bear the ₹1 lakh penalty and the enforcement record remains adverse. The order does not describe any operational restriction, but it signals non-compliance risk around statutory reporting obligations for the bank.
Published as Nagar Sahkari Bank Ltd., Gorakhpur
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