Case Brief
RBI, by an order dated November 28, 2023, imposed a monetary penalty of ₹2.00 lakh on The Thane District Central Co-operative Bank Limited, Thane, Maharashtra. 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 NABARD’s inspection found that the bank had sanctioned a loan to one of its directors. RBI stated that the contravention of Section 20 read with Section 56 of the BR Act was substantiated after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Thane, Maharashtra
- Order Date