MCA XBRL Validation Tool is likely to be revised for Ind AS Taxonomy on MCA21 XBRL portal Some eForms including AOC-4 (XBRL) is likely to be revised on MCA21 CRL-1 eForm likely to be deployed shortly for filing purposes on MCA21 Budget 2018 impact - Deemed dividends to now attract dividend distribution tax (See 'Corp Einsicht') Banking Act - Provisions of Sec 21A would not operate in a State where there is State Debt Relief Act for farmers: SC (See 'Legal Desk') New Automotive policy to curb emissions & boost R&D (See'TOG News') Govt proposes opening more school for tribal kids & giving MSP to tribal products (See'TOG News') Rajnath Singh urges constant vigilance to curb crime (See'TOG News') SBI says no to Nirav Modi but Rs 1,360 cr exposure to PNB (See 'Corpbrief') Easing of Access Norms for investment by FPIs (See 'Dashboard') UK's Development Finance Institution extends Rs 2,000 mn funds to Future Consumer Ltd TCS recognized as global top employer for third consecutive year BHEL commissions 18 MW Hydro-Electric Project in Punjab (See 'Corpbrief') PNB fraud fallout - Enforcement Directorate summons jeweller Nirav Modi (See 'TOG News' in Taxongo.com) SEBI Act - Noticee can be said to have failed in its duty by not taking SCORES authentication & not resolving investor grievances pending against it and hence liable for penalty: SEBI (See 'Legal Desk') Competition Act - Fuel Supply Agreement involving e-Auction for obtaining of Coking Coal, cannot be charged with abuse of dominant position, simply due to adoption of e-Auction: CCI (See 'Legal Desk') Adopting electric vehicles would reduce oil imports & pollution: Gadkari (See 'TOG News') BEML advances delivery of first intermediate car unit to BMRCL

RBI slaps penalty on Needs of Life Co-operative Bank

Published: Oct 10, 2017

By TIOLCORPLAWS News Service

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.

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