India, May 15 -- The Reserve Bank of India (RBI) has, by an order dated May 09, 2025, imposed a monetary penalty of ?50,000/- (Rupees Fifty Thousand only) on Swarna Bharathi Sahakara Bank Niyamitha, Bangalore, Karnataka (the bank) for contravention of provisions of Section 31 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has 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.
Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply ...