Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Jai Bhavani Sahakari Bank Limited, Pune, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was levied because the bank violated RBI’s directive on directors-related loans. RBI issued a show-cause notice, considered the bank’s written reply, and concluded that the violations were substantiated and warranted imposition of the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date