Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on Almora Urban Cooperative Bank Ltd., Almora, Uttarakhand, under Section 47A(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 directive/guideline on loans and advances to directors, their relatives, and concerns in which they are interested. After considering the bank’s reply to a show-cause notice, RBI concluded that the violation was substantiated and that penalty was warranted.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Almora, Uttarakhand
- Order Date