Pen Co operative Urban bank,situated in Raigarh,Maharashtra fell victim to RBI scanner and was imposed a fine.
The Reserve Bank of India had issued a show cause notice to the bank in response to which the bank had submitted written replies.
On a careful examination of the bank’s reply, the Reserve Bank of India found that the violation was conclusively established and the penalty was accordingly, imposed.
The Reserve Bank of India has imposed a penalty of Rupees One Lakh in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) for violation of the provision of Section 35(2) of the Act.