Case Brief
The Reserve Bank of India imposed a monetary penalty on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra, after finding non-compliance with specific directions issued under the Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks. RBI’s supervisory inspection found that the bank offered interest rates on deposits higher than those offered by the State Bank of India, which violated the applicable directions. 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 2.50 L
- Entity Type
- Co-operative bank
- Location
- Pusad, Maharashtra
- Order Date