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TMI BlogRBI imposes penalty on Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar PradeshX X X X Extracts X X X X X X X X Extracts X X X X ..... RBI imposes penalty on Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar Pradesh - News and Press Release Dated:- 11-3-2014 - News - The Reserve Bank of India has imposed a monet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary penalty of Rs. 5.00 lakh (Rupees Five lakh only) on the Adarsh Mahila Mercantile Co-operative Bank Ltd., Muzaffarnagar, Uttar Pradesh, in exercise of the powers vested in it under the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for the following violations: Violation of exposure norms on single ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and group borrowers. Violation of regulatory restrictions on advances to directors/ their relatives. The Reserve Bank of India had issued a show cause notice to the bank, in response to which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the bank submitted its written reply and requested for personal hearing with the Regional Director. After considering the facts of the case and the bank s reply and submissions in the matter, the Rese ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty. P.B. Lombar Assistant Manager - News - Press release - PIB Tax Managem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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