The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on Independence Co-operative Bank Ltd., 6, 1^st Floor, Memon Chamber's, Tilak Path, Nasik - 422 001 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 (AACS) for violation of Reserve Bank of India directive on Directors related loans.

The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply. Based on the reply the Reserve Bank of India After considering the facts of the case, bank's reply and personal submissions in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.

Ajit Prasad
Assistant General Manager

Press Release : 2010-2011/1547