Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Shri Laxmi 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). RBI said the bank violated provisions of the Act by submitting false compliance to RBI Inspection Report 2012-2013. After issuing a show-cause notice and considering the bank's written and oral submissions, RBI concluded that the violations were substantiated and penalty was warranted.