Case Brief
By order dated December 13, 2023, RBI imposed a monetary penalty of ₹5.00 lakh on Shree Bharat Co-operative Bank Limited, Vadodara, Gujarat. The penalty was levied for non-compliance with RBI directions relating to placement of deposits with other banks by primary urban co-operative banks and the RBI Co-operative Banks (Interest Rate on Deposits) Directions, 2016. RBI said inspection revealed breaches of prudential inter-bank gross exposure and counterparty exposure limits, and failure to pay interest on matured term deposits from maturity until repayment at the applicable rate.
Action Snapshot
- Primary Impact
- Fine: Rs 5.00 L
- Entity Type
- Co-operative bank
- Location
- Vadodara, Gujarat