Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Shree Mahalaxmi Mercantile Co-operative Bank Limited, Dabhoi, Dist. Vadodara, Gujarat. The penalty was issued under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of operational instructions relating to the sanction of fresh loans and advances. RBI said it had issued a show-cause notice, considered the bank's written reply and personal submissions, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Dabhoi, Gujarat
- Order Date