Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad (Gujarat) under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated its instructions on grant of unsecured advances in excess of the prescribed ceiling. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violations were substantiated and deserved penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date