Reserve Bank of India on Thursday said that it has imposed a monetary penalty of Rs 5 lakh on Sankheda Nagarik Sahakari Bank Limited, which is based in Sankheda, Chhotaudepur, Gujarat. RBI said that by an order dated December 7, 2023, it has imposed a monetary penalty on the bank for non-compliance with its directions on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ read with RBI directions on ‘Loans and Advances to Directors, etc.–Directors as Surety/Guarantors–Clarification’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
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