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RBI slaps penalty on Needs of Life Co-operative Bank

Published: Oct 10, 2017


MUMBAI, OCT 10, 2017: The Reserve Bank of India (RBI) imposed a penalty of Rs. 5.00 lakh on Needs of Life Co-operative Bank Ltd, Mumbai, for violations of the directives / guidelines of the RBI relating to the prohibition on loans and advances to Directors and their relatives and the concerns in which they were interested through sanction of unsecured overdraft facilities, the donation made by the bank, breaching the individual shareholding ceiling of 5% of paid-up capital, breaching the prescribed exposure limits towards real estate, commercial real estate and housing loans, breaching the outstanding unsecured exposure limit of 10%, breaching the individual unsecured exposure limit of Rs. 2.00 lakh and non-remission of funds to Depositor Education and Awareness Fund.