RBI imposed penalty on Urban Co-operative Bank Ltd., Sitapur
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5,00,000 on Urban Co-operative Bank Ltd., Sitapur under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for continuous non-submission of returns under Section 27 of the Act. RBI had issued a show-cause notice, the bank submitted a written reply, and RBI concluded that the violation was substantiated and warranted penalty.
RBI imposed a monetary penalty under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) after concluding that Urban Co-operative Bank Ltd., Sitapur had continuously failed to submit the returns required under Section 27 of the Act. The bank had replied to a show-cause notice, but RBI found the violation substantiated and imposed the penalty.
Severity Assessment
The action is a monetary penalty of ₹5 lakh, which falls in the lowest penalty band and has no additional operational restriction.
The bank must bear the monetary penalty, but the release does not describe any additional restriction on operations. The adverse impact is limited to the fine and the compliance record associated with the reporting lapse.
Published as Urban Co-operative Bank Ltd., Sitapur
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
© 2026 RegOversight by OddVector