The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh on The Surat People’s Co-operative Bank Ltd., Dist. Surat (Gujarat for violation of Reserve Bank of India’s instructions on director related loan accounts.
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 and the bank’s reply as also personal submissions in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
