Case Brief
RBI imposed a monetary penalty of ₹1.00 lakh on The Attur Town Co-operative Bank Ltd., Attur, Salem District, Tamil Nadu, by order dated January 02, 2023. The penalty was imposed because the bank sanctioned jewel loans to directors during 2018-2020 in violation of RBI directions issued in the matter of Board of Directors for UCBs. RBI cited deficiencies in regulatory compliance and acted under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 (AACS).
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Attur, Tamil Nadu
- Order Date