Case Brief
The Reserve Bank of India has imposed a monetary penalty of Rs 1.00 lakh on Bhilwara Mahila Urban Co-operative Bank Limited, Bhilwara, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violating RBI guidelines/directives on the ceiling on unsecured advances and on loans to relatives of directors. RBI issued a show-cause notice, considered the bank's written reply and personal hearing, and concluded that the violations were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Bhilwara, Rajasthan
- Order Date