Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹5.00 lakh on Harihareshwar Sahakari Bank Ltd., Wai, Satara, Maharashtra under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co-operative societies). RBI said the bank violated its instructions/guidelines relating to director-related loans. After issuing a show-cause notice and considering the bank’s reply and further submissions, RBI concluded that the violations were substantiated and warranted imposition of penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Wai, Maharashtra
- Order Date