Case Brief
RBI imposed a monetary penalty of Rs 25,000 on Manvi Pattana Souharda Sahakari Bank Niyamitha, Manvi, Karnataka, by order dated October 29, 2024. The penalty was based on supervisory findings that the bank failed to comply with specific directions issued under the Supervisory Action Framework (SAF), including sanctioning fresh loans and advances and offering deposit interest rates higher than State Bank of India, contrary to RBI directions. The action was taken under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after a show-cause notice and consideration of the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 25,000
- Entity Type
- Co-operative bank
- Location
- Manvi, Karnataka