Reserve Bank of India imposes monetary penalty on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad

Case Brief

The Reserve Bank of India imposed a monetary penalty of ₹25.00 lakh on Adarsh Mahila Nagari Sahakari Bank Limited, Aurangabad, Maharashtra. The penalty was levied for contravention of and non-compliance with RBI directions issued to Urban Co-operative Banks relating to Exposure Norms and Statutory/Other Restrictions, Board of Directors, and opening of On-site ATMs. RBI said 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 an inspection found the breaches and the bank’s reply and oral submissions were considered.