About Us     Useful Information     FAQs     Financial Education     Complaints   Other Links   Extra Curricular
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (230.00 kb ) version to your machine and then use respective software to print the story.
Date: 29/11/2018
RBI imposed penalty on Purvanchal Co-operative Bank Ltd., Ghazipur, Uttar Pradesh

The Reserve Bank of India has imposed a monetary penalty of ₹ 5,00,000/- (Rupees Five Lakh only) on Purvanchal Co-operative Bank Ltd., Ghazipur (U.P.) in exercise of powers vested in it under the provisions of Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines on Finance for Housing Schemes – UCBs, Extending loans and advances to Directors/their relatives/concerns, in which they are interested, Exceeding maximum limit on unsecured advances, Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs and Exceeding individual/ single exposure ceiling for lending operations.

The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank submitted a written reply. After considering the facts of the case, the bank’s reply in the matter and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/1240

  © Reserve Bank of India. All Rights Reserved.

Best viewed in 1024x768 resolution in IE 5 and above.