Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹0.20 lakh (Rs 20,000) on Ron Taluka Primary Teachers' Co-operative Credit Bank Limited, Ron, 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 failed to submit returns required under Section 27(2) of the Act. After issuing a show-cause notice and granting a personal hearing, RBI found the violation substantiated and imposed the penalty.