Case Brief
RBI imposed a monetary penalty on The Mahabaleshwar Urban Cooperative Bank Limited, Mahabaleshwar by order dated July 28, 2021. The bank was found to have contravened RBI directions on Board of Directors - UCBs by sanctioning a credit facility to the relative of an expert director. RBI said the action was based on regulatory compliance deficiencies and was taken under the Banking Regulation Act, 1949 after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mahabaleshwar, Maharashtra
- Order Date