Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on The Financial Cooperative Bank Ltd., Surat (Gujarat) under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action was taken because the bank violated RBI instructions by exceeding the prescribed ceiling for inter-bank deposit exposure limit. RBI issued a show cause notice, examined the bank's written reply and personal submissions, and concluded that the violation was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Surat, Gujarat
- Order Date