Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Maa Sharda Mahila Nagrik Sahakari Bank Maryadit, Maihar, Madhya Pradesh, by order dated October 21, 2024. The penalty was imposed after a statutory inspection and show-cause proceedings found non-compliance with RBI directions on ‘Exposure norms & Statutory/ Other Restrictions – UCBs’. RBI specifically noted that the bank had breached the prudential inter-bank gross exposure limit and the prudential inter-bank counterparty exposure limit. The penalty was imposed 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 1.00 L
- Entity Type
- Co-operative bank
- Location
- Maihar, Madhya Pradesh