Case Brief
RBI, by order dated September 13, 2024, imposed a monetary penalty on Dr. Babasaheb Ambedkar Sahakari Bank Limited, Nashik, Maharashtra. The penalty was for non-compliance with RBI directions relating to loans and advances to directors, their relatives, and firms/concerns in which they are interested. Following a statutory inspection, a show-cause notice, and consideration of the bank's reply and oral submissions, RBI concluded that the charge of sanctioning loans to directors and their relatives was sustained and levied a penalty under sections 47A(1)(c), 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
- Nashik, Maharashtra