Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹20,000 on Sahyadri Sahakari Bank Ltd., Mumbai, Maharashtra, following a statutory inspection with reference to its financial position as on March 31, 2024. RBI said the bank failed to comply with specific directions issued under the Supervisory Action Framework, particularly by not reducing the single-borrower exposure limit for fresh loans and advances by 50% of the applicable regulatory limit. The penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, after considering the bank’s reply and oral submissions.
Action Snapshot
- Primary Impact
- Fine: Rs 20,000
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra