Supreme Court: Single Insolvency Petition Maintainable Against Linked Corporate Entities  ||  Supreme Court: Disputes are Not Arbitrable When the Arbitration Agreement is Alleged to be Forged  ||  Supreme Court: Temple Trust Does Not Qualify as an ‘Industry’ under the Industrial Disputes Act  ||  Delhi HC: Unmarried Granddaughter’s Limited Estate Can Become Absolute if Pre-Existing Right  ||  MP High Court: Labour Laws are Beneficial, and Hyper-Technical Limitation Views Must be Avoided  ||  Calcutta HC: Supplementary Chargesheet Filed Late in NDPS Trial is Valid if Based on Fresh Evidence  ||  Delhi High Court: Co-Accused’s Abscondence Can Be a Relevant Factor in Granting NDPS Bail  ||  P &H HC: Unfavourable Orders Cannot Justify Trial Transfer; Courts Must Prevent Forum Hunting  ||  SC: UGC Regulations Override State Law on Forming Search Committees For University VC Appointments  ||  SC: State Cannot Deny Regularisation to Long-Serving Contract Staff Appointed Through Due Process    

RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Bilaspur, Chattisgarh- (Reserve Bank of India) (12 Dec 2022)

MANU/RPRL/0581/2022

Banking

The Reserve Bank of India (RBl) has imposed, by an order dated December 06, 2022, a monetary penalty of Rs 50,000/- (Rupees Fifty Thousand only) on Jila Sahakari Kendriya Bank Maryadit, Bilaspur (C.G.) (the bank) for contravention of/ non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and directions issued by NABARD. 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 Act taking into account the failure of the bank to adhere to the aforesaid directions issued by NABARD.

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 of the bank based on its financial position as on March 31, 2021, revealed, inter alia, that the bank had delayed submission of statutory/OSS returns to NABARD in contravention of/non-compliance with the provisions of the Act and directions issued by NABARD. 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 directions.

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

Tags : NON-COMPLIANCE   PENALTY   IMPOSITION  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved