Recorded RBI impact
Fine: Rs 1.00 L
Monetary penalty · Fresh imposition
Published by RBI
27 Aug 2013
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on The Baripada Urban Co-operative Bank Ltd., Baripada under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The penalty was for violation of Section 31 of the Act, relating to publication/submission of accounts and balance sheet for the year 2011-12 within the stipulated date. RBI had issued a show-cause notice, received the bank’s written reply, and after examining the facts concluded that the contravention was substantiated.
Why RBI Acted
RBI imposed a monetary penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) because The Baripada Urban Co-operative Bank Ltd., Baripada violated Section 31 of the Act relating to publication/submission of accounts and balance sheet for the year 2011-12 within the stipulated date. RBI issued a show-cause notice, considered the bank’s written reply, and concluded that the violation was substantiated and warranted penalty.
Operating Impact
The bank must absorb the penalty; the action does not indicate any additional restriction on operations, but it is a formal regulatory enforcement for the reporting lapse. The consequence is reputational and compliance-related, with no stated direct impact on depositors or borrowers beyond the penalty itself.
Regulatory Basis
- Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949
- Section 31 of the Banking Regulation Act, 1949 (AACS)
Action Facts
- Primary Impact
- Fine: Rs 1.00 L
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank