Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on The Bijnor Urban Co-operative Bank Ltd., Bijnor 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 said it had issued a show-cause notice, but the bank did not submit a reply; after examining the case, RBI concluded that the violation was substantiated and merited penalty.