Mumbai: The RBI (Reserve Bank of India) has foung the Manipal Co-operative Bank Ltd., Manipal Karnataka guilty of violating the rules laid down by the chihttp://www.blogger.com/img/blank.gifef body itself and has imposed a penalty of sum amounting to Rs. Five lakh. The RBI observed that the bank was violating the policy laid down by the RBI which related to the directives which a financial body has to observe while granting loan. The policy which related to granting of loans for real estate purposes was violated specifically the single party exposure which was 15 % of its capital funds as on September 30, 2009 and also the real estate exposure limits which was 15 % of its deposits as on march 31, 2009.
Mr Ajit Prasad, assistant general manager had originally made an information to this effect through a press release which stated that the RBI issued a cause notice to the offender bank, who submitted a written reply as a consequence of RBI’s notice. But after the consideration of the facts, the reply by the accused bank and other personal submissions in this regard made by the Reserve Bank of India, it found the Manipal Co-operative Bank Ltd., Manipal Karnataka guily of violating the said provision and thus imposed a pecuniary penalty on the bank.
Mr Ajit Prasad, assistant general manager had originally made an information to this effect through a press release which stated that the RBI issued a cause notice to the offender bank, who submitted a written reply as a consequence of RBI’s notice. But after the consideration of the facts, the reply by the accused bank and other personal submissions in this regard made by the Reserve Bank of India, it found the Manipal Co-operative Bank Ltd., Manipal Karnataka guily of violating the said provision and thus imposed a pecuniary penalty on the bank.
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