The Reserve Bank of India has faulted the Prerana Co-operative Bank of Pune for violating RBI’s directives on unsecured advances.
The apex bank has imposed a monetary penalty of Rs one lakh on the cooperative bank.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply.
The bank was also called for a personal hearing. Based on the reply and submissions made by the bank during the personal hearing, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
