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RBI penalises Bhilwara Mahila Urban Co-Op Bank

The bank had violated RBI norms

May 30, 2013 9:31 IST | India Infoline News Service
The Reserve Bank of India on Wednesday has imposed a penalty of Rs. 1 on the Bhilwara Mahila Urban Co-operative Bank Ltd, Bhilwara, for violating the RBI guidelines pertaining to breach of ceiling on unsecured advances and loans to relatives of directors of the bank.

The RBI 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 RBI came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty. Accordingly, it penalised the bank.

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