The Konark Urban Co-operative Bank Limited

RBI imposed a ₹4 lakh penalty on The Konark Urban Co-operative Bank Limited, Thane, Maharashtra. The penalty was for violations of RBI instructions/guidelines relating to Director Related Loans.

The bank must absorb the financial penalty; the release does not announce any operational restriction or suspension. The action serves as a regulatory reprimand and may prompt tighter internal controls around director-related lending and compliance oversight, but it does not directly restrict customer-facing operations.

• Section 47A (1) (b) read with Section 46 (4) (i) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)

RBI imposed a ₹5 lakh penalty on Konark Urban Co-operative Bank Limited, Thane, for violations related to director-related loans.

The bank must absorb the monetary penalty and the adverse finding on compliance with RBI norms on director-related loans. There is no stated operational restriction in this release, but the action signals regulatory censure and may affect supervisory scrutiny going forward.

• Section 47A (1) read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)