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RBI penalises National Urban Cooperative Bank for violating norms

The penalty has been imposed on National Urban Cooperative Bank for violation of the guidelines of on loans to directors or relatives and firms in which it is interested

May 15, 2012 12:47 IST | India Infoline News Service

The Reserve Bank of India (RBI) has imposed a fine of Rs. 5lakh on Delhi-based National Urban Cooperative Bank for violation of itsguidelines relating to sanctioning of loans.

According to the central bank, the penalty has been imposedon National Urban Cooperative Bank for violation of the guidelines of on loansand advances to directors or relatives and firms in which it is interested.

“The Reserve Bank of India penalised the bank after issuinga show cause notice and examining its written reply,” the banking regulatorsaid in a statement.

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