Independence Co-operative Bank Ltd., Nasik – Penalised
Case Brief
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Independence Co-operative Bank Ltd., Nasik, under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS). The penalty was for violation of RBI's directive on directors-related loans. RBI considered the bank's written reply and personal submissions, but concluded that the violations were substantiated and merited penalty.
RBI imposed a monetary penalty under Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), after finding that Independence Co-operative Bank Ltd. had violated the RBI directive on directors related loans. The bank replied to a show-cause notice and made personal submissions, but RBI concluded the violations were substantiated and warranted penalty.
Severity Assessment
A monetary penalty of Rs 1 lakh falls in the lowest monetary band, so severity is 1.
The bank faces a financial penalty of Rs 1 lakh, but the release does not mention any operational restriction or licensing action. The case signals continued compliance expectations around lending to directors and related-party exposure.
Published as Independence Co-operative Bank Ltd.
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
Independence Co-operative Bank Ltd., Nashik, Maharashtra
License cancellation · Fresh imposition
Independence Co-operative Bank Ltd., Nashik, Maharashtra
Business restriction · Extension
Independence Co-operative Bank Ltd., Nashik, Maharashtra
Business restriction · Extension
Independence Co-operative Bank Ltd.
Business restriction · Extension
Independence Co-operative Bank Limited, Nashik
Business restriction · Fresh imposition
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