Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on The Berhampur Cooperative Urban Bank Ltd. by order dated November 10, 2022. The bank was found to have violated RBI directions relating to prudential inter-bank exposure norms and counter-party limits, allotment of UCICs to individual customers, and submission of the correct certificate for transfer to the Depositor Education and Awareness Fund. RBI took the action under the Banking Regulation Act after issuing a show-cause notice and considering the bank's reply and additional submissions.