Section 47A of BRA : Section 47A: Power Of Reserve Bank To Impose Penalty

BRA

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Explanation using Example

Imagine a scenario where XYZ Bank fails to maintain the required minimum cash reserve ratio as mandated by the Reserve Bank of India (RBI). This is a contravention of the banking regulations. Upon identifying this failure, the RBI issues a notice to XYZ Bank, pointing out the contravention and asking the bank to show cause as to why a penalty should not be imposed as per Section 47A of the Banking Regulation Act, 1949.

XYZ Bank is then given a chance to present their case and explain the reasons for not maintaining the required reserve ratio. Despite this opportunity...

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