SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Important Websites  
Search
Period
From  
To  
Archives
   
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (158.00 kb ) version to your machine and then use respective software to print the story.
Date: 26/06/2018
Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow- Penalised

The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI.

The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply. After considering the facts of the case, and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2017-2018/3367

 
  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.