Case Brief
The Reserve Bank of India imposed a monetary penalty on Dr. Babasaheb Ambedkar Nagari Sahakari Bank Ltd., Aurangabad, following a statutory inspection that found non-compliance with RBI directions under ‘Exposure Norms & Statutory/ Other Restrictions – UCBs’ and with operational instructions under the Supervisory Action Framework (SAF). RBI said the bank failed to comply with the prescribed regulatory ceiling on certain advances and offered higher interest rates on certain deposits than those offered by State Bank of India. 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 80,000
- Entity Type
- Co-operative bank
- Location
- Aurangabad