RBI Imposes Rs 6 Lakh Penalty On The Mandi Cooperative Bank For Breaching Inter-Bank Exposure Limits

The Reserve Bank of India on Wednesday imposed a Rs 6 lakh fine on Himachal Pradesh's The Mandi Cooperative Bank for breaching prudential inter-bank exposure limits in FY22.

The penalty is for non-compliance with provisions of RBI directions on Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs), and as per provisions of the Banking Regulation Act, 1949, the central bank said.