Case Brief
By an order dated July 04, 2024, RBI imposed a monetary penalty of ₹1.00 lakh on Abasaheb Patil Rendal Sahakari Bank Limited, Rendal, Maharashtra. RBI said the penalty was for non-compliance with specific directions issued under the Supervisory Action Framework, including sanctioning fresh loans and advances carrying risk weights of more than 100% in violation of those directions. The action was taken under the Banking Regulation Act, 1949, after statutory inspection and consideration of the bank’s response.
Action Snapshot
- Primary Impact
- Fine: Rs 1.00 L
- Entity Type
- Co-operative bank
- Location
- Rendal, Maharashtra
- Order Date