The RBI has slapped Rs1 lakh penalty on Baripada Urban Cooperative Bank Ltd, Baripada, for failing to publish and submit accounts and balance sheet within the stipulated date.
The fine was imposed under provisions of Banking Regulation Act.RBI had issued a show-cause notice to the bank.Considering facts following bank’s response, it was concluded that violation was substantiated and warranted imposition of penalty, an RBI release said.