Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 1,00,000 on U.P. Postal Primary Co-operative Bank Ltd., Lucknow 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 its instructions/guidelines by shifting a branch without obtaining prior approval. After a show-cause notice, written reply, and personal hearing, RBI found the violation substantiated and imposed the penalty.