Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 6.00 lakh on Shri Chhatrapati Rajarshi Shahu Urban Co-operative Bank Limited, Beed, Maharashtra. RBI said the bank had delayed reporting of frauds to the regulator, which violated the directions issued to Urban Cooperative Banks on Frauds – Classification and Reporting. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI considered the bank's replies, oral submissions, and additional submissions and found the charge substantiated.