Case Brief
The Reserve Bank of India imposed a monetary penalty on Chandrapur District Central Co-operative Bank Limited, Chandrapur, Maharashtra, by order dated July 08, 2024. The penalty was imposed after NABARD's statutory inspection and RBI's supervisory review found non-compliance with statutory provisions, specifically that the bank sanctioned loans to its directors in contravention of section 20 read with section 56 of the Banking Regulation Act, 1949. RBI stated that the action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 2.50 L
- Entity Type
- Co-operative bank
- Location
- Chandrapur, Maharashtra
- Order Date