Case Brief
RBI imposed a monetary penalty of ₹5.50 lakh on Marketyard Commercial Cooperative Bank Limited, Unjha, Dist. Mehsana, Gujarat by order dated January 23, 2025. The penalty was imposed after a statutory inspection and subsequent show-cause proceedings under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. RBI found sustained charges of non-compliance with directions relating to donations/contributions out of UCB profits, donations to trusts where directors or their relatives were interested, loans and advances to directors/related concerns, and KYC obligations, including failure to review risk categorisation of certain accounts at least once in six months.
Action Snapshot
- Primary Impact
- Fine: Rs 5.50 L
- Entity Type
- Co-operative bank
- Location
- Unjha, Gujarat