Case Brief
RBI, by an order dated October 25, 2023, imposed a monetary penalty of ₹2.00 lakh on Porbandar Vibhagiya Nagarik Sahkari Bank Ltd., Porbandar, Gujarat. The penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 for non-compliance with RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. The inspection found that the bank had breached the inter-bank counterparty exposure limit.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Porbandar, Gujarat
- Order Date