| Nesargi Urban Co-operative Bank Limited, Nesargi, Karnataka – Penalised|
The Reserve Bank of India has imposed a monetary penalty of ₹ 0.20 lakh (Rupees twenty thousand only) on Nesargi Urban Co-operative Bank Limited, Nesargi, in exercise of the powers vested in it under the provisions of Section 47 A (1) (c) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) for non-submission of the returns under Section 27(2) of the Banking Regulation Act, 1949 (AACS).
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank sought personal hearing. After considering the facts of the case and bank’s representation in the matter, the Reserve Bank came to the conclusion that the violation were substantiated and warranted imposition of penalty.
Chief General Manager
Press Release: 2019-2020/1267