The Reserve Bank of India (RBI) has imposed a penalty of Rs 2 lakh on Thane District Central Co-operative (TDCC) Bank for violating Sections 20 and 56 of the Banking Regulation (BR) Act, 1949. The penalty, issued on November 28, stems from the TDCC Bank allegedly granting a loan to one of its directors. The action follows a statutory inspection by the National Bank for Agriculture and Rural Development (NABARD) focused on the bank’s financial position as of March 31, 2022. A show-cause notice was subsequently issued to the bank, and after considering its response and oral submissions, the RBI confirmed the contravention of statutory provisions. This penalty underscores the regulatory commitment to ensuring the integrity of banking operations and emphasizes the importance of strict adherence to established norms by financial institutions to avoid compromising the regulatory framework. The RBI’s decisive action reaffirms its dedication to maintaining a robust financial system and holding institutions accountable for deviations from prescribed standards.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}