Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on The Mapusa Urban Co-operative Bank of Goa Ltd, Mapusa, Goa, under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI found violations of its directions/guidelines on payment of interest on term deposits, single and group borrower exposure limits, and grant of unsecured advances, and concluded the breaches were substantiated after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Mapusa, Goa
- Order Date