Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹0.50 lakh on The Anantapur Co-operative Town Bank Ltd., Anantapuramu, Andhra Pradesh under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The violation related to RBI directives and guidelines on loans and advances to directors and their relatives. RBI issued a show-cause notice, considered the bank’s written reply and personal hearing, and concluded that the violations were substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Anantapuramu, Andhra Pradesh
- Order Date