Case Brief
What Happened
The Reserve Bank of India levied a monetary penalty of ₹50,000 on City Co-operative Bank Ltd., Hassan, Karnataka under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated Supervisory Action Framework (SAF) instructions issued under Section 36(1) of the Banking Regulation Act, 1949 (AACS). After a show-cause notice, the bank’s representation and personal hearing were considered, and RBI held the violations were substantiated.