Case Brief
The Reserve Bank of India penalised The Ramakrishna Mutually Aided Co-operative Urban Bank Ltd., Nidadavole, Andhra Pradesh, 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 directives and guidelines on loans and advances to directors and their relatives. After issuing a show-cause notice, considering the bank’s reply, and granting personal hearing, RBI concluded that the breaches were substantiated and imposed a monetary penalty of Rs 1 lakh.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Nidadavole, Andhra Pradesh
- Order Date