Case Brief
The Reserve Bank of India penalised Mapusa Urban Co-operative Bank of Goa Ltd., Mapusa, Goa with a monetary penalty of Rs. 5 lakh under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI found that the bank violated its directives relating to maximum limits on unsecured advances and directions on lending operations. After considering the bank's written reply to the show-cause notice, RBI concluded that the violation was substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Mapusa, Goa
- Order Date