Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 2.00 lakh on Vasai Janata Sahakari Bank Ltd., Dist. Palghar by order dated January 20, 2022. RBI said the bank contravened directions on 'Exposure Norms and Statutory / Other Restrictions – UCBs' by not adhering to the ceiling on advances to nominal members in certain cases. The penalty was imposed under the Banking Regulation Act, 1949, after considering the bank's reply to the show-cause notice.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Palghar, Maharashtra
- Order Date