Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Anuradha Urban Co-operative Bank Ltd., Chikhli, Dist. Buldhana, Maharashtra, by order dated November 16, 2021. RBI said the bank contravened directions issued to urban co-operative banks on Board of Directors and Exposure Norms & Statutory/Other Restrictions by granting loans to relatives of three directors. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after RBI concluded the charge was substantiated following the bank's replies and personal hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Chikhli, Maharashtra