Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Ranga Reddy Co-operative Urban Bank Ltd., Hyderabad, Telangana under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty followed a show-cause notice, the bank’s written reply, and a personal hearing. RBI concluded that the violations of its directives and guidelines on Exposure Norms and Statutory/Other Restrictions for urban co-operative banks were substantiated and warranted the penalty.