Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Birdev Sahakari Bank Ltd, Ichalkaranji, Kolhapur under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). RBI said the bank violated directives/guidelines relating to interbank (gross) exposure limit, interbank counterparty limit, unsecured advances limit, and KYC norms. After a show-cause process and consideration of the bank’s written and oral submissions, RBI concluded the violations were substantiated and warranted penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Kolhapur
- Order Date