Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on Youth Development Co-operative Bank Limited, Kolhapur by order dated February 14, 2023. RBI said the bank had not adhered to its All-Inclusive Directions and specifically entered into a One Time Settlement scheme with borrowers without prior written permission of RBI. 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 RBI found the non-compliance substantiated following the bank’s reply and oral hearing.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Kolhapur
- Order Date