Economy

RBI imposes penalty on Cooperative bank

Our Bureau Hyderabad | Updated on May 15, 2018 Published on May 15, 2018

The Reserve Bank of India has imposed a penalty of ₹50,000 on Universal Co-operative Urban Bank Ltd, Mancherial, Telangana with respect to violations on loans and advances.

The apex bank in a release said the Cooperative Bank had violated its directive and guidelines on loans and advances to directors and their relatives. It had issued a show cause notice to the bank.

In response the Universal Cooperative Bank submitted a written reply. The RBI, after considering the facts of the case, the bank’s reply and personal hearing came to the conclusion that the violations were substantiated and warranted imposition of penalty.

Published on May 15, 2018
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