The Reserve Bank of India has imposed a monetary penalty of `.5 lakh (Rupees Five lakh only) on the National Urban Cooperative  Bank Ltd, C-3/ 84, New Kondli, Mayur Vihar, Phase III, Delhi -110096 in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to co-operative Societies) for violation of the directions/guidelines/instructions of the Reserve Bank of India on Loans and Advances to Directors, relatives  and firms/concerns in which they are interested.

The Reserve Bank of India penalised the bank after issuing a show cause notice and examining its written reply.

Rupambara
Assistant General Manager

Press Release : 2011-2012/1810