Krishna Pattana Sahakar Bank Niyamitha, Shahpur, Karnataka – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty on Krishna Pattana Sahakar Bank Niyamitha, Shahpur, Karnataka 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 non-submission of returns under Section 27(2) of the Act. RBI had issued a show-cause notice, the bank sought a personal hearing, and RBI concluded that the violation was substantiated and warranted the penalty.
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) after concluding that Krishna Pattana Sahakar Bank Niyamitha, Shahpur had violated the requirement to submit returns under Section 27(2). The bank received a show-cause notice and sought a personal hearing, but RBI held the violation was substantiated and warranted penalty.
Severity Assessment
A monetary penalty of Rs 40,000 falls in the lowest monetary band, and there is no operational restriction beyond the fine.
The bank must bear the monetary penalty of Rs 40,000; the release does not indicate any broader restriction on operations. The adverse impact is limited to the fine and the compliance finding related to return submission obligations.
Published as Krishna Pattana Sahakar Bank Niyamitha, Shahpur
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