Case Brief
What Happened
RBI imposed a monetary penalty on Indapur Urban Cooperative Bank Ltd., Indapur, Maharashtra, by order dated August 04, 2022. The bank was found to have contravened RBI directions on Exposure Norms and Statutory/Other Restrictions for UCBs by granting unsecured advances in excess of the aggregate ceiling applicable to it. RBI said the penalty was imposed under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, after considering the bank’s reply to the show-cause notice and submissions made during the personal hearing.