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RBI penalises Financial Cooperative Bank in Surat

The bank had violated RBI norms by exceeding the ceiling prescribed for inter-bank deposit exposure limit

May 06, 2013 9:54 IST | India Infoline News Service
The Reserve Bank of India (RBI) on Friday has imposed a monetary penalty of Rs. 1 lakh on the Financial Cooperative Bank in Surat for violation of the RBI instructions by exceeding the ceiling prescribed for inter-bank deposit exposure limit.

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, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty.

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