Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹5,00,000 on U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI found that the bank had continuously not submitted returns under Section 27 of the Act and had unreasonably delayed submission of compliance to deficiencies pointed out in RBI inspection. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and warranted the penalty.