Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs. 5 lakh on Indira Sahakari Bank Ltd., Dhule, Maharashtra. The penalty was levied because the bank violated RBI's directive on credit exposure limits for individual and group borrowers. RBI issued a show-cause notice, reviewed the bank's reply and action taken, and concluded that the breach was substantiated, leading to penalty under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Dhule, Maharastra
- Order Date