Case Brief
RBI, by an order dated July 28, 2021, imposed a monetary penalty of ₹5 lakh on Alibag Co-operative Urban Bank Limited, Raigad, Maharashtra. The penalty was imposed for contravention of RBI directions on Exposure Norms and Statutory/Other Restrictions applicable to UCBs, specifically for not adhering to prudential inter-bank gross exposure limits and prudential inter-bank single counterparty exposure limits. RBI stated that the action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank's reply and submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Raigad, Maharashtra