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RBI imposes penalty on Saraswat Co-operative Bank, Bassein Catholic Co-operative Bank, Rajkot Nagarik Sahakari Bank
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₹23 lakh (Rupees Twenty Three lakh only) on Saraswat Co-operative Bank Limited, Mumbai for contravention of various provisions Banking Regulation Act, 1949 (BR Act), and the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’. The Saraswat Co-operative Bank had contravened the provisions of the BR Act and the RBI directions issued thereunder when it renewed a credit facility sanctioned to a borrower company while a director of the bank was holding the position of an independent director in the borrower company, the RBI said.
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