Case Brief
RBI imposed a monetary penalty of ₹10 lakh on Indapur Urban Cooperative Bank Ltd., Indapur, Maharashtra, by order dated June 21, 2021. The penalty was imposed for contravention of RBI directions on Exposure Norms and Statutory/Other Restrictions – UCBs and KYC Directions, after inspection found breaches including excess unsecured advances, lack of periodic review of customer risk categorization, and inadequate transaction-alert systems. The action was taken 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 10.0 L
- Entity Type
- Co-operative bank
- Location
- Indapur, Maharashtra
- Order Date