The Reserve Bank of India has imposed a monetary penalty of Rs. 2.00 lakh (Rupees two lakh only) on Rajputana Mahila Urban Co-operative Bank Ltd., Jaipur, 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 violating the provisions of Section 35 (2) of B.R. Act, 1949 (AACS) by not providing records/information/statements of accounts of various heads and vouchers with supporting documents etc. for verification.

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 and 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 the monetary penalty. It therefore imposed the penalty on the bank.

Ajit Prasad

Assistant General Manager

Failure to produce statutory records resulted in regulatory enforcement and a monetary sanction after show cause proceedings. The Reserve Bank of India imposed a monetary penalty on Rajputana Mahila Urban Co-operative Bank Ltd., Jaipur, for failing to furnish required records and supporting vouchers, contravening Section 35(2) of the Banking Regulation Act, 1949 (as applicable to co-operative societies); the penalty was imposed under Section 47A(1)(b) read with Section 46(4) after issuance of a show cause notice and consideration of the bank's written reply.