Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 5.00 lakh on The Surat People's Co-operative Bank Ltd., Dist. Surat under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949. The penalty was for violating RBI directives/instructions on establishment or promotion of trusts, loans and advances to firms/companies in which the bank's directors and their relatives had interests, and KYC norms. RBI said it had issued a show-cause notice, reviewed the bank's reply, and found the violations substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Surat, Gujarat
- Order Date