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Brief
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 on The Guntur District Co-operative Central Bank Ltd., Andhra Pradesh for violating statutory provisions under Section 31 read with Section 56 of the Banking Regulation Act, 1949. The penalty follows an inspection by NABARD, which found that the bank failed to publish its accounts and balance sheet for the financial year 2022-23 and did not submit the required copies to RBI/NABARD within the prescribed timeline.
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