Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on The Ankola Urban Co-operative Bank Limited, Ankola, Dist. Uttara Kannada, Karnataka under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated Section 36(1)(a) of the Act by sanctioning unsecured advances in breach of operational instructions issued to it. After a show-cause process and consideration of the bank's written reply and personal submissions, RBI held that the violations were substantiated and imposed the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Ankola, Karnataka
- Order Date