National Urban Co-operative Bank Ltd., Bahraich - Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2,00,000 on National Urban Co-operative Bank Ltd., Bahraich 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 levied for continuous non-submission of returns under Section 27 of the Act. RBI had issued a show-cause notice, but the bank did not submit a reply, and the violation was found substantiated.
The 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 finding that the bank had continuously failed to submit the returns required under Section 27. A show-cause notice had been issued, but the bank did not submit a reply; RBI concluded the violation was substantiated and warranted penalty.
Severity Assessment
The action is a monetary penalty of ₹2 lakh, which falls within the lowest monetary band (up to ₹5 lakh).
The bank must bear the penalty and the matter serves as an enforcement action for failure to file statutory returns. There is no operational restriction described in the release, but the bank is expected to comply with applicable reporting obligations going forward.
Published as National Urban Co-operative Bank Ltd., Bahraich
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