The apex bank imposed a monetary penalty of Rupees two lakh on Gujarat Mercantile Co-operative Bank for violation of the Banking Regulation Act, 1949 (AACS). It was also found flouting RBI directives.
The Urban Cooperative Bank failed to comply with RBI’s instructions relating to prohibition of loans and advances to directors/ relatives/related concerns.
RBI has issued Show Cause Notice to the bank in the response to which
the bank has submitted a written reply and after considering facts of
the case, bank’s reply and personal submission in the matter, RBI came
to the conclusion that the violations were sustained and warranted
imposition of penalty.
News from : www.indiancooperative.com
News from : www.indiancooperative.com
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