Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Dr. Babasaheb Ambedkar Urban Co-operative Bank Limited, Nagpur, Maharashtra. The penalty was levied for contravention of and non-compliance with RBI directions issued to urban co-operative banks on Board of Directors and Exposure Norms and Statutory/Other Restrictions. RBI said the action followed inspection findings for the bank's position as of March 31, 2019, and was taken after a show-cause process and consideration of the bank's written and oral submissions. The penalty was imposed 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Nagpur, Maharashtra