Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Dattatraya Maharaj Kalambe Jaoli Sahakari Bank Ltd., Mumbai, by order dated December 20, 2021. RBI said the bank contravened directions on Exposure Norms and Statutory/Other Restrictions applicable to UCBs, and specifically failed to adhere to the ceiling on advances to nominal members in certain cases. The penalty was levied under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after considering the bank’s written reply, oral submissions, and additional documentary evidence.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai