Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Raisen (Madhya Pradesh) for contravention of and non-compliance with provisions of the Banking Regulation Act, 1949 and directions issued by NABARD on submission of returns by banks. RBI said the bank had delayed submission of statutory returns to RBI and OSS returns to NABARD, based on findings from the inspection report for the bank's financial position as on March 31, 2021. After issuing a show-cause notice and considering the bank's reply and oral submissions, RBI concluded that the charge was substantiated and warranted penalty.