RBI imposes Rs 2 lakh penalty on TDCC Bank for sanctioning loan to its director

The Reserve Bank of India (RBI) has said it has imposed a penalty of Rs 2 lakh on the Thane District Central Co-operative (TDCC) Bank for alleged violation of banking regulations by sanctioning loan to one of the directors of the bank.

The RBI gave this information in a release issued by its Chief General Manager Yogesh Dayal on Friday.

In an order issued on November 28, the RBI imposed a penalty  ..

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The penalty was imposed under the powers conferred on the RBI under sections of the BR Act.

The statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) about its financial position as of March 31, 2022, and examination of the inspection report and all the related correspondence, revealed that the TDCC Bank had sanctioned a loan to one of its directors, the release said.