Case Brief
RBI, by order dated November 24, 2023, imposed a monetary penalty of ₹1.00 lakh on Sarvodaya Co-operative Bank Limited, Mumbai. The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949 after RBI's statutory inspection and review of the Risk Assessment Report found that the bank had sanctioned fresh loans in violation of specific directions issued under the Supervisory Action Framework (SAF). After a show-cause notice, RBI considered the bank's reply and oral submissions and concluded that the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra