Case Brief
What Happened
By an order dated May 09, 2025, RBI imposed a monetary penalty of Rs 50,000 on Swarna Bharathi Sahakara Bank Niyamitha, Bangalore, Karnataka. The action followed supervisory findings and a notice-to-show-cause process. RBI sustained the charge that the bank failed to submit its accounts and balance-sheet for FY 2023-24, along with the auditor’s report, to RBI within the stipulated timeline, in contravention of Section 31 read with Section 56 of the Banking Regulation Act, 1949. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.