Case Brief
RBI imposed a monetary penalty of ₹2.00 lakh on The Shirpur Peoples Co-operative Bank Ltd., Dhule (Maharashtra), by order dated January 18, 2024. The penalty was for non-compliance with RBI directions on Exposure Norms & Statutory Other Restrictions-UCBs and Board of Directors-UCBs. RBI’s inspection found that the bank had sanctioned loans to firms in which directors’ relatives were interested. After considering the bank’s response and oral submissions, RBI held the non-compliance substantiated and imposed the penalty under the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 2.00 L
- Entity Type
- Co-operative bank
- Location
- Dhule, Maharashtra
- Order Date