Case Brief
RBI, by order dated October 04, 2023, imposed a monetary penalty of ₹7.00 lakh on Uma Co-operative Bank Ltd., Vadodara, Gujarat. The bank was found to have contravened RBI directions on 'Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)' by breaching the prescribed inter-bank counterparty exposure limit and gross exposure limit. The penalty was imposed under Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following inspection and a show-cause process.
Action Snapshot
- Primary Impact
- Fine: Rs 7.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat
- Order Date