RBI imposes Rs 5 lakh fine on National Urban Cooperative Bank

RBI has imposed a fine of Rs 5 lakh on National Urban Cooperative Bank for violation of its guidelines.

Written by Agencies | New Delhi | Published: May 14, 2012 4:44 pm

The Reserve Bank has imposed a fine of Rs 5 lakh on the National Urban Cooperative Bank for violation of its guidelines relating to sanctioning of loans.

The monetary penalty has been imposed on the Delhi-based cooperative bank “for violation of the guidelines or instructions of the Reserve Bank of India on loans and advances to directors or relatives and firms or concerns in which they are interested,” the central bank said in a statement.

“The Reserve bank of India penalised the bank after issuing a show cause notice and examining its written reply,” it said.

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