Case Brief
The Reserve Bank of India imposed a monetary penalty on Maninagar Co-operative Bank Ltd., Ahmedabad, Gujarat by order dated September 01, 2023. RBI said the bank failed to comply with directions on placement of deposits with other banks and on interest rate on deposits. The inspection also found breach of prudential inter-bank counterparty exposure limits and non-payment of interest on overdue term deposits at the required rate.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat
- Order Date