Case Brief
RBI, by order dated June 29, 2026, imposed a monetary penalty of ₹10 lakh on Ashok Sahakari Bank Ltd., Ahmednagar, Maharashtra, following a statutory inspection with reference to its financial position as of March 31, 2025. The penalty was imposed after RBI found sustained non-compliance with its directions and related correspondence; the upheld charge was that the bank sanctioned a loan to one of its directors, contrary to Section 20(1) of the Banking Regulation Act, 1949, and the penalty was levied under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.
Action Snapshot
- Primary Impact
- Fine: Rs 10.0 L
- Entity Type
- Co-operative bank
- Location
- Ahmednagar, Maharashtra