Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹2.00 lakh on Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal, by order dated October 22, 2024. The penalty was for non-compliance with RBI directions on ‘Housing Finance’; RBI said the bank breached the exposure limit on housing finance. The action followed a statutory inspection by NABARD and was taken 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 2.00 L
- Entity Type
- Co-operative bank
- Location
- Midnapore, West Bengal
- Order Date