Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Independence Co-operative Bank Ltd., Nasik, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violation of RBI's directive on directors-related loans. RBI considered the bank's written reply and personal submissions, but concluded that the violations were substantiated and merited penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Nasik, Maharashtra
- Order Date