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HCBL Co-operative Bank Ltd, Lucknow (U.P.) -Penalised

The Reserve Bank of India has imposed a monetary penalty of ₹ 1,00,000/- (Rupees One Lakh only) on HCBL Co-operative Bank Ltd., Lucknow, (U.P.) 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 All-Inclusive Directions u/s 35A of the Banking Regulation Act, 1949(AACS) read with Section 56 of the Act, Exposure Norms and Statutory Requirements and Inspection and Audit System.

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 and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1980

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