The Reserve Bank of India has imposed a monetary penalty on Prime Co-operative Bank based in Surat (Gujarat) in exercise of the powers vested in it.
The Urban co-op bank was found guilty of for violation of various RBI instructions relating to issuance of Demand Draft/Pay Order by the bank during the period from April 1, 2010 to March 31, 2013.
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, the bank’s reply and also the personal submissions made by the bank in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty, read a RBI release.