Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Unjha Nagrik Sahakari Bank Ltd., Mehsana (Gujarat). RBI said the bank violated Section 14A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) and RBI's directives/guidelines on Individual and Group Exposure Limits. The penalty was imposed under Section 47A(1)(b) read with Section 46(4) of the Act, after the bank's written reply and personal submissions were considered and the violation was found substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mehsana, Gujarat
- Order Date