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RBI penalises Bechraji Nagrik Sahakari Bank

The bank had violated RBI norms

May 06, 2013 9:49 IST | India Infoline News Service
The Reserve Bank of India on Friday has imposed a monetary penalty of Rs. 1 lakh on Bechraji Nagrik Sahakari Bank, Mehsana (Gujarat) for violation of the RBI directive by granting loans to directors / relatives.

The RBI 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, the bank’s reply and also personal submissions in the matter, the RBI came to the conclusion that the violation was were substantiated and warranted imposition of the penalty.

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