RBI imposes monetary penalty on Sree Harihareshwara Urban Co-operative Bank Limited, Harihar, Karnataka
Case Brief
By order dated May 06, 2025, RBI imposed a monetary penalty of ₹50,000 on Sree Harihareshwara Urban Co-operative Bank Limited, Harihar, Karnataka. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after RBI found that the bank had failed to submit statutory returns to the regulator within the prescribed timeline, contrary to Section 31 read with Section 56 of the BR Act.
RBI imposed a monetary penalty under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after supervisory findings showed the bank had contravened statutory provisions. The sustained charge was that Sree Harihareshwara Urban Co-operative Bank Limited failed to submit statutory returns to RBI within the prescribed timeline, in violation of Section 31 read with Section 56 of the BR Act.
Severity Assessment
This is a monetary penalty of ₹50,000, which falls within the lowest monetary band (<= ₹5 lakh) and has no additional operational restriction.
The bank must bear the monetary penalty, and the order may be followed by further RBI action if warranted. The release does not describe any restriction on banking operations, but it signals continued supervisory scrutiny over statutory reporting compliance.
Published as Sree Harihareshwara Urban Co-operative Bank Limited
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