The Karimnagar Co-operative Urban Bank ltd, Karimnagar, Telangana – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty on The Karimnagar Co-operative Urban Bank Ltd., Karimnagar, Telangana, after finding violation of RBI directives/guidelines/instructions regarding submission of a compliance report. The penalty was imposed under Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies), following a show-cause notice and consideration of the bank’s written reply.
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) because the bank violated RBI directives/guidelines/instructions relating to submission of a compliance report. The bank received a show-cause notice, submitted a written reply, and RBI concluded the violation was substantiated and warranted penalty.
Severity Assessment
This is a monetary penalty of Rs 50,000, which falls within the lowest monetary band and carries no structural operational restriction.
The bank must absorb the penalty and remains subject to RBI supervision. The release does not mention any operational restriction, but it signals continued compliance expectations around regulatory reporting and compliance submissions.
Published as The Karimnagar Co-operative Urban Bank Ltd., Karimnagar, Telangana
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