Case Brief
The Reserve Bank of India imposed a monetary penalty of ₹1 lakh on The Sultan’s Battery Co-operative Urban Bank Limited, Wayanad, Kerala. The penalty was imposed after a statutory inspection and subsequent show-cause proceedings found non-compliance with RBI directions relating to loans and advances to directors, their relatives, and firms/concerns in which they are interested. RBI stated that the bank had sanctioned director-related loans, and 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
- Wayanad, Kerala
- Order Date