Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Prerana Co-operative Bank Ltd., Pune, Maharashtra. The penalty was levied under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of RBI directives on unsecured advances. RBI issued a show-cause notice, considered the bank's written reply and personal hearing submissions, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date