The Reserve Bank of India imposed monetary penalties on Punjab based Patiala Central Cooperative Bank and Haryana based Panchkula Central Cooperative Bank worth Rs 5 lakh each.
A monetary penalty of Rs 5.00 lakh has been imposed on the Patiala Central Co-operative Bank Ltd., Patiala, Punjab (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 5.00 lakh on the Panchkula Central Co-operative Bank Ltd., Haryana (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
These penalties have been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
