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    Question

    What is the name of the section under which RBI imposed

    penalties on cooperative banks for regulatory non-compliance?
    A Section 35A of Banking Regulation Act, 1949 Correct Answer Incorrect Answer
    B Section 42(6)(a) of RBI Act, 1934 Correct Answer Incorrect Answer
    C Section 47A(1)(c) of Banking Regulation Act, 1949 Correct Answer Incorrect Answer
    D Section 22(1)(b) of Companies Act, 2013 Correct Answer Incorrect Answer
    E Section 26A of RBI Act, 1934 Correct Answer Incorrect Answer

    Solution

    The penalties levied on cooperative banks for non-compliance with RBI regulations were imposed under Section 47A(1)(c) of the Banking Regulation Act, 1949. This section empowers the RBI to take monetary action for regulatory deficiencies.

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