Case Brief
The Reserve Bank of India imposed a monetary penalty on Budge Budge Nangi Cooperative Bank Ltd. by order dated September 22, 2022. RBI found that the bank had contravened/non-complied with directions issued to Urban Cooperative Banks on 'Exposure Norms and Statutory / Other Restrictions – UCBs', specifically failing to adhere to prudential inter-bank exposure limits at both gross and counterparty levels. After a show-cause process and personal hearing, RBI concluded the charges were substantiated and imposed a penalty of Rs 10,000 under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 10,000
- Entity Type
- Co-operative bank
- Location
- Budge Budge, West Bengal