Case Brief
What Happened
RBI imposed a monetary penalty on The Surat People’s Co-operative Bank Limited, Surat for non-compliance with RBI directions on 'Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC) - UCBs'. After a statutory inspection and supervisory findings, RBI concluded that the bank had not reported credit information pertaining to certain borrowers to CRILC within the prescribed time. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply, additional submissions, and oral submissions.