RBI imposes monetary penalty on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka
Case Brief
By an order dated May 06, 2025, RBI imposed a monetary penalty of Rs 50,000 on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following supervisory findings that the bank had contravened Section 31 read with Section 56 of the BR Act. The specific sustained charge was failure to submit statutory returns to RBI within the prescribed timeline.
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 contravention of Section 31 read with Section 56 of the BR Act. The sustained charge was that the bank failed to submit statutory returns to RBI within the prescribed timeline.
Severity Assessment
A monetary penalty of Rs 50,000 falls in the lowest monetary band, with no broader operational restriction involved.
The bank must absorb the monetary penalty and continue complying with RBI reporting requirements, including timely submission of statutory returns. RBI also noted that the penalty is without prejudice to any other action that may be initiated against the bank.
Published as Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka
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