Case Brief
RBI imposed a penalty of ₹0.25 lakh on Shree Parswanath Co-operative Bank Ltd., Rajkot (Gujarat) under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. The penalty followed inspection findings that the bank sanctioned a credit facility to an individual while two relatives of one of its directors acted as surety/guarantor, contrary to RBI directions on loans and advances to directors and related persons.
Action Snapshot
- Primary Impact
- Fine: Rs 2,500
- Entity Type
- Co-operative bank
- Location
- Rajkot, Gujarat
- Order Date