RBI penalises Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow
Reserve Bank of India has informed to public at large that it has has imposed a monetary penalty of ₹ 1,00,000/- (Rupees one lakh only) on Northern Railway Multi-state Primary Co-operative Bank Ltd., Lucknow, for violation of RBI Instructions/Guidelines for opening on-site ATM without obtaining prior approval from RBI.
Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had submitted a written reply.
After considering the facts of the case, and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.
Northern Railway Primary Muti-State Co-operative Bank Ltd was registered as Co-operative Society on 22/1/1918 under Co-operative Societies Act II of 1912 & later granted a banking license by Reserve Bank of India on 28/11/1986.