Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1 lakh on Kohinoor Sahakari Bank Ltd., Ichalkaranji, Maharashtra, by order dated May 23, 2023. RBI said the bank had failed to comply with directions on investments by Primary (Urban) Co-operative Banks, specifically by breaching the prudential inter-bank gross exposure limit and the inter-bank counterparty limit. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after a statutory inspection and consideration of the bank’s reply to a show-cause notice.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Maharashtra