RBI imposes monetary penalty on The Anjangaon Surji Nagari Sahakari Bank Limited, Anjangaon Surji, Maharashtra

Case Brief

By order dated February 08, 2024, RBI imposed a monetary penalty on The Anjangaon Surji Nagari Sahakari Bank Limited, Anjangaon Surji, Maharashtra for contravention of directives and specific directions issued under sections 35A(1) and 36(1) read with section 56 of the Banking Regulation Act, 1949. RBI said its inspection found that the bank allowed withdrawals by depositors beyond the prescribed limit and disbursed fresh loans in violation of directions issued under the Supervisory Action Framework. After considering the bank's reply and submissions, RBI concluded the charges were substantiated and imposed the penalty under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.