Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Akhand Anand Co-operative Bank Ltd., Surat (Gujarat), by order dated March 26, 2021. RBI said the bank had contravened directions on loans and advances to directors and related concerns, CRR/SLR maintenance for primary urban co-operative banks, and declaration of dividend by UCBs. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after inspections and a show-cause process confirmed the non-compliance.