Case Brief
By an order dated September 15, 2023, RBI imposed a monetary penalty on Sangli Sahakari Bank Limited, Mumbai, for non-compliance with directions issued on 'Board of Directors-UCBs'. The inspection found that the bank had renewed a loan given to a relative of one of its directors. After considering the bank's reply to the show-cause notice, RBI held that the contravention was substantiated and warranted a penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date