Case Brief
RBI, by order dated November 26, 2021, imposed a monetary penalty of Rs 1 lakh on The Rander People’s Co-operative Bank Ltd., Surat, Gujarat. 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 a statutory inspection found non-compliance with RBI directions concerning loans and advances to directors, relatives, and firms/concerns in which they are interested. RBI issued a show-cause notice, considered the bank’s written reply and oral submissions, and concluded that the charge was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Surat, Gujarat