Case Brief
By an order dated October 07, 2024, RBI imposed a monetary penalty of ₹3.00 lakh on The Catholic Co-operative Urban Bank Limited, Telangana. The penalty followed a scrutiny conducted in October 2023, which found non-compliance with RBI directions on maintenance of deposit accounts, management of advances, and loans to directors/relatives/related concerns. RBI noted that the bank had not monitored operations in certain deposit accounts, issued balance confirmation letters without balances in those accounts, and sanctioned loans to relatives of a director.
Action Snapshot
- Primary Impact
- Fine: Rs 3.00 L
- Entity Type
- Co-operative bank
- Location
- Telangana
- Order Date