RBI imposes monetary penalty on PK Anna Patil Co-op Bank

Mumbai, Jul 6 (UNI) The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs five lakh on Nandurbar (Maharashtra)-based PK Anna Patil Sahakari Bank Ltd, for violation of RBI's directie on limits on credit exposure to individual borrowers on unsecured advances to single borrower and connected group.

The RBI in a statement here today said that the penalty has been imposed on the co-operative bank in exercise of powers vested in it (RBI) under the provisions of section 47 (a)1 (b) read with section 46 (4) of the Banking Regulations Act 1949.

The RBI said the Bank was sent a show cause notice, but after receipt of a submission by the co-operative bank, it came to the conclusion that the violation was substantiated and warranted imposition of penalty.

UNI