Case Brief
RBI imposed a monetary penalty of Rs 1 lakh on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra, through an order dated April 01, 2024. The penalty was imposed after a statutory inspection and a subsequent show-cause process, with RBI concluding that the bank had sanctioned fresh loans carrying risk weight of more than 100% in violation of specific directions issued under the Supervisory Action Framework for Primary (Urban) Co-operative Banks. RBI stated that the action was based on deficiencies in regulatory compliance and was without prejudice to any other action that may be initiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Raigad, Maharashtra