Haryana News Time

RBI Penalties TDCC Bank Rs. 2 Lakh for Authorizing Loan to Director

<p>The Thane District Central Co-operative (TDCC) Bank has been fined Rs 2 lakh by the Reserve Bank of India (RBI) for allegedly breaking banking laws by approving a loan to one of the bank’s directors. This information was provided by the RBI in a statement released on Friday by Chief General Manager Yogesh Dayal.</p>
<p><img decoding=”async” class=”alignnone wp-image-320451″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies-750×563.jpg” alt=”theindiaprint.com rbi penalties tdcc bank rs 2 lakh for authorizing loan to director rbi agencies” width=”1268″ height=”952″ title=”RBI Penalties TDCC Bank Rs. 2 Lakh for Authorizing Loan to Director 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies-750×563.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies-1024×768.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies-768×576.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies-150×113.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-rbi-penalties-tdcc-bank-rs-2-lakh-for-authorizing-loan-to-director-rbi-agencies.jpg 1200w” sizes=”(max-width: 1268px) 100vw, 1268px” /></p>
<p>The RBI stated in an order dated November 28 that the TDCC Bank had violated sections 20 and 56 of the Banking Regulation (BR) Act, 1949, and as a result, had been fined Rs 2 lakh.</p>
<p>The fine was applied in accordance with the authority granted to the RBI by certain provisions of the BR Act.</p>
<p>According to the release, the National Bank for Agricultural and Rural Development (NABARD) conducted a statutory inspection of the bank to ascertain its financial position as of March 31, 2022. The inspection report and all related correspondence were examined, and the results showed that TDCC Bank had approved a loan for one of its directors.</p>
<p>The bank was subsequently sent a show-cause notice. The RBI said in a statement that it had determined the allegation of violating the statutory restrictions was supported after taking into account the bank’s response to the notice and its oral representations during the personal hearing.</p>

Related posts

The Pakistani stock market reaches a record high


The rate for a five-year recurring deposit increased to 6.7%, but the rates for other important plans remained the same


Vijay Shekhar Sharma, CEO of Paytm, effectively controls 24.3% of the voting rights after the Antfin Deal