Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on The Baramati Sahakari Bank Limited, Baramati, Maharashtra, for contravention of RBI directions on Exposure Norms and Statutory/Other Restrictions applicable to urban co-operative banks. RBI said the bank had exceeded the prudential inter-bank (single bank) exposure limit, based on an inspection report for the financial position as on March 31, 2019. After issuing a show-cause notice, considering the bank’s reply and oral submissions, RBI concluded that the violation was substantiated and merited penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Baramati, Maharashtra