Now it is Mahila Urban Cooperative Bank’s turn. So would it seem. The Reserve Bank of India has imposed a monetary penalty on the Bhilwara Mahila Urban Co-operative Bank Limited, Bhilwara.
The bank was found guilty of violating the RBI guidelines/directives pertaining to breach of ceiling on unsecured advances and loans to relatives of directors of the bank.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made personal hearing.
Based on the reply, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty. Accordingly, it penalized the bank, a RBI release said.