Case Brief
The RBI imposed a monetary penalty of ₹1.00 lakh on The Dahanu Road Janata Cooperative Bank Ltd., Palghar, Maharashtra. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 after RBI found, through statutory inspection and subsequent examination, that the bank had given a donation in violation of specific directions issued under the Supervisory Action Framework (SAF). RBI issued a show-cause notice, reviewed the bank's reply and additional submissions, and heard oral submissions before concluding that the non-compliance was established.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Palghar, Maharashtra