Case Brief
RBI, by order dated January 08, 2024, imposed a monetary penalty of Rs 50,000 on Mula Sahakari Bank Ltd., Sonai, Dist. Ahmednagar, Maharashtra. The penalty was imposed for non-compliance with RBI directions on 'Exposure Norms and Statutory/Other Restrictions - UCBs'. RBI's inspection, based on the bank's financial position as on March 31, 2022, found that the bank had breached the inter-bank counterparty exposure limit. After considering the bank's reply and oral submissions, RBI held the charge substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Sonai, Maharashtra