Case Brief
RBI imposed a monetary penalty of Rs 1.00 lakh on The Udgir Urban Co-operative Bank Limited, Udgir, Maharashtra, after a statutory inspection and subsequent supervisory process. The bank was found to have failed to comply with RBI directions relating to Exposure Norms & Statutory/Other Restrictions – UCBs and Board of Directors – UCBs; RBI specifically sustained the charge that loans were sanctioned/renewed to a relative of the bank's director. 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Udgir, Maharashtra
- Order Date