Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Peoples Co-operative Bank Ltd., Deulgaonraja, Buldhana under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI found that the bank had violated Section 20 of the Act by granting a loan or advance to its directors, and had also misreported through the XBRL reporting system. After a show-cause notice and the bank's written reply, RBI concluded the contraventions were established and warranted penalty.