Reserve Bank of India penalizes Sanmitra Sahakari Bank Ltd., Pune

The Reserve Bank of India, has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Sanmitra Sahakari Bank Ltd., Pune in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), for violation of operational instructions relating to opening of new branch without permission of the Reserve Bank of India.

RBI had issued Show Cause Notice to the bank in the response to which the bank had submitted a written reply and after considering facts of the case, bank’s reply and personal submission in the matter, RBI came to the conclusion that the violation was sustained and warranted imposition of penalty.








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