Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹6 lakh on Koyana Sahakari Bank Limited, Karad, Satara, Maharashtra, by order dated March 22, 2021. The penalty was for contravention of RBI directions on Exposure Norms and Statutory / Other Restrictions applicable to UCBs. RBI said the bank had exceeded the prudential inter-bank (single bank) exposure limit, and after a show-cause process it found the non-compliance substantiated under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 6.00 L
- Entity Type
- Co-operative bank
- Location
- Karad, Maharashtra
- Order Date