The Reserve Bank has imposed a penalty of Rs one lakh on Tenali Co-Operative Urban Bank Ltd, for violation of Banking Regulation Act.
The penalty was imposed for violation of the Banking Regulation Act provisions relating to publication and submission of balance sheet, profit and loss account and auditor's report for the year 2013-14, an official release said here today.
The RBI 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 and the bank's reply in the matter, the RBI concluded that the violations were substantiated and warranted imposition of penalty, it said.
