Supreme Court: State Cannot Acquire Temple Property Through Gift Deed  ||  Supreme Court: HC Registry Should Exclude Court Vacations When Listing Cases After Fixed Days  ||  Supreme Court Flags Stark Non-Compliance With Directions on CAPF Cadre Review  ||  Supreme Court: Internet Access and Use is a Fundamental Right, Including for Children  ||  Supreme Court: Letters Patent Bench Cannot Interfere Merely Over Errors of Fact or Law  ||  Supreme Court: Voters May File Complaints Against Candidates over False Affidavits under RP Act  ||  Madras HC: Using Children in Campaign is Inappropriate but Does Not Invalidate Election  ||  Allahabad HC: Section 69 BNS Cannot Be Invoked by Transgender Woman in False Marriage Promise Case  ||  Delhi High Court Permits Britannia’s ‘No Added Sugar, Maida or Palm Oil’ Claim on Biscuit Packs  ||  Calcutta High Court Bars Deportation of Alleged Bangladeshi Woman until CAA Application is Decided    

Imposition of monetary penalty on Parwanoo Urban Co-operative Bank Limited, Parwanoo, Himachal Pradesh- (Reserve Bank of India) (21 Nov 2022)

MANU/RPRL/0546/2022

Banking

The Reserve Bank of India (RBI) has imposed, by an order dated November 15, 2022, a monetary penalty of Rs 3.00 lakh (Rupees Three Lakh only) on The Parwanoo Urban Co-operative Bank Limited, Parwanoo, Himachal Pradesh (the bank) for contravention of section 35A and section 36 (1) (a) read with section 56 of the Banking Regulation Act, 1949 as the bank failed to comply with specific directions issued to it by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Background

The Inspection Report and Risk Assessment Report of the bank based on its financial position as on March 31, 2021, revealed, inter alia, non-compliance with specific directions issued to the bank by RBI under Supervisory Action Framework (SAF). Based on the same, a Notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the said directions.

After considering the bank's reply to the notice and submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.

Tags : PENALTY   IMPOSITION   NON-COMPLIANCE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved