MUMBAI, India, March 27 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated March 25, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Bagalkot District Central Co-operative Bank Ltd., Bagalkot, Karnataka (the bank) for contravention of provisions of Section 20 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.
The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on M...