RBI imposes monetary penalty on Tura Urban Co-operative Bank Ltd., Tura, Meghalaya

Case Brief

RBI, by an order dated October 23, 2024, imposed a monetary penalty on Tura Urban Co-operative Bank Ltd., Tura, Meghalaya for non-compliance with specific directions issued under the Supervisory Action Framework (SAF). Following a statutory inspection and show-cause process, RBI held that the bank incurred capital expenditure above ₹25,000 per year without prior approval and sanctioned fresh loans in excess of the exposure limit prescribed under SAF. The penalty was imposed under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.