Case Brief
RBI, by order dated February 28, 2024, imposed a monetary penalty of ₹25,000 on The Tirupattur Urban Co-operative Bank Ltd., Tirupattur, Tamil Nadu. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, following a statutory inspection as of March 31, 2022. RBI said the bank had not complied with certain provisions of its directions on Exposure Norms and Statutory/Other Restrictions – UCBs, and specifically sustained the charge that it sanctioned loans to nominal members in excess of the prescribed ceiling.
Action Snapshot
- Primary Impact
- Fine: Rs 25,000
- Entity Type
- Co-operative bank
- Location
- Tirupattur, Tamil Nadu