Case Brief
The Reserve Bank of India imposed a monetary penalty on Porbandar Commercial Co-operative Bank Ltd., Porbandar (Gujarat) by order dated September 21, 2021. The penalty was imposed because the bank contravened RBI directions on loans and advances to directors, relatives, and firms/concerns in which they are interested. RBI said the violation was identified through statutory inspection and related correspondence, and 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Porbandar, Gujarat
- Order Date