The Reserve Bank of India has imposed a monetary penalty of Rs.1.00 lakh (Rupees One Lakh only) on Shahada Peoples Co-operative Bank Ltd., Near Dondaicha Road, Shahada, District Nandurbar in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) for violation of the Reserve Bank of India's directives/guidelines. The bank had exceeded individual exposure ceiling by investing in IDFC Bonds.