RBI imposes penalty on Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar Pradesh

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... RBI imposes penalty on Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar Pradesh
News and Press Release
Dated:- 11-3-2014

The Reserve Bank of India has imposed a mone .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... tary penalty of Rs. 5.00 lakh (Rupees Five lakh only) on the Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar Pradesh, in exercise of the powers vested in it under the provisions .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for the following violations: * Violation of exposure norms on single a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... nd group borrowers. * Violation of regulatory restrictions on advances to directors/ their relatives. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... bank submitted its written reply and requested for personal hearing with the Regional Director. After considering the facts of the case and the bank's reply and submissions in the matter, the Reserve .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty. P.B. Lombar Assistant Manager
News - Press release - PIB .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X