MUMBAI, India, June 19 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated May 20, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Prathamik Shikshak Sahakari Bank Ltd., Satara, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on 'Advances against Term Deposits of Non-members' to Salary Earners' Primary (Urban) Co-operative Banks. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on M...