Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Pragati Mahila Nagarik Sahakari Bank Maryadit, Bhilai (Chhattisgarh) by an order dated November 04, 2022. RBI said the bank contravened directions issued to Urban Co-operative Banks on Exposure Norms and Statutory / Other Restrictions – UCBs, based on scrutiny of records as on March 31, 2021, which revealed unsecured advances sanctioned above the permissible limit in certain cases. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after the bank's replies and oral submissions were considered.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Bhilai, Chhattisgarh