| RBI imposes penalty on The Mapusa Urban Co-operative Bank of Goa Ltd, Mapusa, Goa|
The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh Only) on The Mapusa Urban Co-operative Bank of Goa Ltd, Mapusa, Goa, in exercise of the 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 violations of the directions/guidelines issued by the Reserve Bank of India relating to payment of interests on term deposits, single and group borrower exposure limits and grant of unsecured advances.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon. After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.
Press Release: 2015-2016/2829