Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on Prathamik Shikshak Sahakari Bank Ltd., Satara, Maharashtra, by order dated September 1, 2021. The penalty was levied for contravention of RBI directions on Exposure Norms and Statutory / Other Restrictions applicable to UCBs. RBI said the bank had not adhered to the prudential inter-bank single counterparty limit, based on findings from its inspection report as on March 31, 2019. After issuing a show-cause notice and considering the bank's written and oral submissions, RBI concluded that the non-compliance was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Satara, Maharashtra