Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹5,000 on Sree Chaitanya Co-operative Bank Limited, Nabadwip, West Bengal. RBI said the bank had failed to obtain membership of any of the four Credit Information Companies, in breach of its directions on CIC membership. The action was taken under Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005, after statutory inspection, a show-cause notice, and consideration of the bank’s response and oral submissions.