Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5.00 lakh on Shri P. K. Anna Patil Janata Sahakari Bank Ltd., Nandurbar, Maharashtra. The penalty was levied for violation of RBI's directive on limits on credit exposure to individual borrowers in respect of unsecured advances to a single borrower/connected group. RBI issued a show-cause notice, reviewed the bank's written reply and actions taken, and concluded that the violation was substantiated, warranting penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Nandurbar, Maharashtra