Case Brief
What Happened
By an order dated February 07, 2024, RBI imposed a monetary penalty of ₹0.75 lakh on Sri Satya Sai Nagrik Sahakari Bank Maryadit, Bhopal, Madhya Pradesh. The penalty was imposed for non-compliance with RBI's directions on 'Exposure Norms & Statutory/Other Restrictions - UCBs' after inspection revealed breaches of prudential inter-bank gross and counterparty exposure limits. RBI invoked Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949, and stated that the action was based on regulatory compliance deficiencies and not intended to pronounce on the validity of any customer transaction or agreement.