Case Brief
RBI imposed a monetary penalty of ₹2.00 lakh on Nav Jeevan Co-operative Bank Ltd., Ulhasnagar for contravention of RBI directions on Exposure Norms and Statutory / Other Restrictions applicable to UCBs. RBI said an inspection report, based on the bank's financial position as on March 31, 2020, showed that the bank had sanctioned certain loans in breach of the ceiling on unsecured advances. After considering the bank's response, RBI held the charge substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Ulhasnagar
- Order Date