Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Chopda People's Co-operative Bank Ltd., Jalgaon, Maharashtra under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated Section 5(ccv) of the Act and an RBI directive on unsecured advances. After issuing a show-cause notice and considering the bank’s written reply, RBI concluded that the violations were substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Jalgaon, Maharashtra
- Order Date