Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Nagpur Mahanagarpalika Karmachari Sahakari Bank Ltd., Nagpur. RBI said the bank had contravened or failed to comply with its directions on "Exposure Norms and Statutory/Other Restrictions - UCBs", as revealed in an inspection report based on the bank’s financial position as on March 31, 2019. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after a show-cause notice and consideration of the bank’s reply.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Nagpur, Maharashtra
- Order Date