Case Brief
By an order dated February 11, 2022, RBI imposed a monetary penalty on Mula Sahakari Bank Ltd., Sonai, Ahmednagar for contravention of, and non-adherence with, RBI Directions issued to Urban Co-operative Banks on Exposure Norms & Statutory/Other Restrictions-UCBs. The inspection report, based on the bank's financial position as on March 31, 2020, found that the bank had not adhered to the prudential inter-bank counterparty limit prescribed under those directions. After issuing a show-cause notice and considering the bank's replies and oral submissions, RBI concluded that the non-compliance was substantiated and warranted the penalty.
Action Snapshot
- Primary Impact
- Fine: Rs 25,000
- Entity Type
- Co-operative bank
- Location
- Sonai, Maharashtra