SITE MAP     CONTACT US     DISCLAIMER  
   About Us     Useful Information     FAQs     Financial Education     Complaints   Other Links   Extra Curricular
Search
Period
From  
To  
Archives
   
Home >> PressReleases - Display
Note : To obtain an aligned printout please download the (179.00 kb ) version to your machine and then use respective software to print the story.
Date: 23/08/2018
Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai - Penalised

The Reserve Bank of India has imposed a monetary penalty of ₹ 5.00 lakh (Rupees Five Lakh only) on the Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai in exercise of the 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 violations of the instructions / directives of the Reserve Bank of India on loan and advances to directors, relatives and Firms/Concerns in which they are interested.

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 further 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.

Ajit Prasad
Assistant Adviser

Press Release : 2018-2019/449

 
  © Reserve Bank of India. All Rights Reserved.

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