Case Brief
What Happened
By an order dated June 12, 2026, RBI imposed a monetary penalty on The Nasik Road Deolali Vyapari Sahakari Bank Ltd., Nashik for non-compliance with RBI directions on loans and advances to directors, their relatives, and related firms/concerns. Following a statutory inspection and show-cause proceedings, RBI sustained the charge that the bank had sanctioned loans to the relatives of its directors, and invoked Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.