Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Progressive Co-operative Bank Limited, Mumbai, Maharashtra, after a statutory inspection found breaches of RBI directions relating to exposure norms and investments by primary urban co-operative banks. RBI said the bank had not adhered to prudential inter-bank gross exposure and inter-bank counterparty limits. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank's reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date