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RBI slaps Rs 5 lakh fine on Transport Cooperative Bank
The Reserve Bank of India has imposed a monetary penalty of Rs 5 lakh on Transport Cooperative Bank Ltd, Indore for violation of norms. “RBI has imposed a monetary penalty of Rs. 5 lakh (rupees Five lakh) on Transport Cooperative Bank Ltd, Indore in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with section 46(4) of the Banking Regulation Act 1949(as applicable to Co-operative Societies) for violation of the directives/guidelines of the Reserve Bank on loan exposure norms, KYC norms and compliance to RBI Inspection Report,” RBI said in a notification.