Karnataka - Bangalore   

RBI penalises cooperative bank

Bangalore: The Reserve Bank of India (RBI) has imposed a penalty of Rs. 5 lakh on a Bangalore-based non-scheduled cooperative bank, the Chartered Sahakari Bank Niyamitha, for violations of banking regulations.

The RBI observed that the bank had sanctioned a loan in September 2003 to one of the bank’s directors, in violation of RBI directives. The RBI had issued a show-cause notice to the bank and after considering the bank’s response concluded that “the violations were substantiated and warranted imposition of penalty.” — Special Correspondent

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