Case Brief
The Reserve Bank of India penalized Sawantwadi Urban Cooperative Bank Limited, Sindhudurg by order dated July 15, 2021. RBI said the bank contravened/failed to comply with Supervisory Action Framework directions issued under Sections 35A and 36(1) read with Section 56 of the Banking Regulation Act, 1949, specifically by sanctioning fresh loans contrary to those instructions. After a show-cause process, RBI held the non-compliance substantiated and imposed a monetary penalty under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Act.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Sindhudurg, Maharashtra
- Order Date