Case Brief
The Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh on Shri Parola Urban Co-operative Bank Ltd., Jalgaon, Maharashtra. RBI said the bank violated its directive on credit exposure limits for individual/group borrowers and on loans and advances to directors and their relatives. After issuing a show-cause notice and considering the bank’s reply, RBI concluded that the violation was substantiated and imposed the 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Jalgaon, Maharashtra
- Order Date