Case Brief
RBI imposed a monetary penalty on Aman Sahakari Bank Ltd., Ichalkaranji by order dated June 18, 2021. The penalty was levied for contravention of Supervisory Action Framework (SAF) instructions issued by RBI under Section 36(1) read with Section 56 of the Banking Regulation Act, 1949. RBI said the bank declared and paid dividend for the year 2018-19 without prior permission of RBI, and after considering the bank's reply and oral submissions, concluded that the charge was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Maharashtra
- Order Date