Case Brief
What Happened
RBI imposed a monetary penalty of ₹1.00 lakh on Innespeta Cooperative Urban Bank Ltd., Rajahmundry, East Godavari District, Andhra Pradesh, by order dated July 29, 2021. The penalty was imposed for contravention of / non-compliance with certain provisions of RBI’s Master Circular on Board of Directors – UCBs dated July 1, 2015, after a special scrutiny, show-cause notice, and consideration of the bank’s written reply and oral submissions. RBI stated the action was based on deficiencies in regulatory compliance and did not pronounce on the validity of any customer transactions or agreements.