Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Shri Anand Co-operative Bank Ltd., Pune under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The action followed a show cause notice and the bank’s written and oral submissions. RBI concluded that the bank had violated its Instructions/Guidelines relating to the group borrower limit and that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date