RBI imposes penalty on Shri Anand Co-operative Bank Ltd, Pune
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Shri Anand Co-operative Bank Ltd., Pune under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action followed a show cause notice and the bank’s written and oral submissions. RBI concluded that the bank had violated its Instructions/Guidelines relating to the group borrower limit and that the violations were substantiated.
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 concluding that Shri Anand Co-operative Bank Ltd., Pune had violated RBI Instructions/Guidelines relating to the group borrower limit. The bank had received a show cause notice, submitted a written reply, and made oral submissions, but RBI found the contraventions substantiated and deserving of penalty.
Severity Assessment
This is a monetary penalty of ₹1 lakh, which falls in the lowest penalty band and there is no separate operational restriction.
The bank must absorb the monetary penalty; the release does not describe any suspension, restriction, or other operational curtailment. The forward-looking impact is limited to the penal action itself, with no stated direct effect on depositors or borrowers beyond the compliance finding.
Published as Shri Anand Co-operative Bank Ltd. Pune
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