Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹50,000 on Samarth Sahakari Bank Limited, Solapur, Maharashtra by order dated April 12, 2024. RBI said the action followed a statutory inspection and supervisory findings showing non-compliance with its directions on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. After considering the bank’s reply and hearing, RBI sustained the charge that the bank sanctioned unsecured advances above the permissible limit. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 50,000
- Entity Type
- Co-operative bank
- Location
- Solapur, Maharashtra