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Business EconomyPosted at: Apr 28 2016 1:01PM


RBI penalises Magadh Central Co-operative Bank Ltd.

Mumbai, Apr 28 (UNI) The Reserve Bank of India has imposed a monetary penalty of Rs 5,00,000/- (Rupees Five lakh only) on Magadh Central Co-operative Bank Ltd., Gaya.
RBI has imposed the penalty in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of the provisions of Section 27 of the B.R.Act, 1949 (AACS) relating to submission of statutory
returns.
The Reserve Bank of India had issued a show cause notice to the bank in response to which the bank 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.
UNI JS SM1257
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