Rs. 1 lakh penalty on Tenali Bank
Hyderabad, May 14 (INN): The Reserve Bank of India has imposed a monetary penalty of Rs. 1 lakh on the Tenali Cooperative Urban Bank of Andhra Pradesh.
"The penalty has been imposed 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 B. R. Act provisions relating to publication and submission of Balance sheet, Profit & Loss account and auditor's report for the year 2013-14," the RBI said in a press release on Thursday.
The Reserve bank of India had issued a show-cause notice to the bank. In response, 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 penalty, the press release added.
News Posted: 14 May, 2015
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