The Reserve Bank of India has imposed a monetary penalty of Rs two lakh on National Urban Co-operative Bank Ltd., Bahraich in exercise of powers vested in it.
The UCB has been faulted on the ground of continuous non-submission of the returns u/s 27 of the Act ibid.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank had not submitted its reply.
After considering the facts of the case, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.