Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Shri Mahavir Urban Co-operative Bank Ltd., Solapur under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated its directives and guidelines on individual/single exposure ceiling for lending operations by urban co-operative banks. After issuing a show-cause notice and considering the bank's written reply, RBI concluded that the violation was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra
- Order Date