India, Feb. 22 -- The Reserve Bank of India (RBl) has, by an order dated February 14, 2024, imposed a monetary penalty of Rs. 1.00 lakh (Rupees One lakh only) on Transport Co-operative Bank Ltd., Indore, Madhya Pradesh (the bank) for non-compliance with the directions issued by RBI on 'Loans and Advances to directors, relatives and firms/concerns in which they are Interested' read with 'Loans and Advances to Directors etc. - Directors as surety/guarantors - Clarification' and on 'Investments by Primary (Urban) Co-operative Banks'. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
This action is based on deficien...