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Date: 01/03/2019
Rani Laxmi Bai Urban Co-operative Bank Ltd., Jhansi, Uttar Pradesh – Penalised

The Reserve Bank of India has imposed a monetary penalty of ₹ 5,00,000/- (Rupees Five Lakh only) on Rani Laxmi Bai Urban Co-operative Bank Ltd., Jhansi, Uttar Pradesh in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines on Membership of Credit Information Companies, Prudential Norms on Inter-bank Counter Party Limit, Audit Committee of the Board, Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs, KYC/AML guidelines, Concurrent Audit of Investment Transactions.

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, the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.

Ajit Prasad
Assistant Adviser

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