Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on The Tiruvannamalai Co-operative Urban Bank Ltd (No.C0-570), Thiruvannamalai, Tamil Nadu. The penalty was based on inspection findings that the bank had violated / not complied with RBI directions issued under Exposure Norms and Statutory / Other Restrictions – UCBs. RBI said the bank’s reply and oral submissions were considered, but the non-compliance charge was substantiated, leading to the penalty under the Banking Regulation Act, 1949.