The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees One Lakh only) on The Urban Co-operative Bank Ltd., Bhubaneswar, 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 31 of the Banking Regulation Act, 1949 (AACS) relating to publication / submission of accounts and balance sheet for the year 2010-11 within the stipulated date.

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 and also personal submissions in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty.

Ajit Prasad
Assistant General Manager

Press Release: 2012-2013/736