Case Brief
What Happened
By order dated March 08, 2021, RBI imposed a penalty of Rs 5,000 on Walchandnagar Sahakari Bank Ltd., Pune. The bank was found to have failed to obtain membership of any of the four credit information companies, in violation of the Credit Information Companies (Regulation) Act, 2005 and RBI directions applicable to co-operative banks. RBI said the penalty was imposed under Section 25(1)(iii) read with Section 23(4) of the CIC Act after the bank's response to a show-cause notice was considered.