Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of ₹0.50 lakh on Sri Satya Sai Nagrik Sahakari Bank Maryadit, Bhopal, after finding non-compliance with RBI directions on director-related loans. The action was taken under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949. RBI said the penalty was based on deficiencies in regulatory compliance and does not pronounce on the validity of any transaction or agreement with customers.