RBI imposes Rs 5 lakh penalty on Maha-based cooperative bank
Wednesday, 20 April 2011, 07:33 IST
Printer Print Email Email
Mumbai: The Reserve Bank today said it has imposed a Rs five lakh penalty on Maharashtra-based cooperative lender Dwarakadas Mantri Nagari Sahakari Bank for violation of directives related to disbursement of loans and advances. "The RBI has imposed a monetary penalty of Rs 5 lakh on Dwarakadas Mantri Nagari Sahakari Bank Ltd, Beed... for violating RBI directives/instructions relating to loans/ Advances to directors/their relatives/concerns in which they are interested," the apex bank said in a statement. 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, bank's reply and personal submissions in the matter, the RBI came to the conclusion that the violations were substantiated and warranted imposition of the penalty," it said.
Source: PTI
siliconindia