{"id":633,"date":"2015-04-28T00:00:00","date_gmt":"2015-04-27T18:30:00","guid":{"rendered":""},"modified":"2015-12-31T17:28:01","modified_gmt":"2015-12-31T11:58:01","slug":"rbi-imposed-penalty-on-the-halol-mercantile-co-operative-bank-ltd","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/banking\/rbi-imposed-penalty-on-the-halol-mercantile-co-operative-bank-ltd\/","title":{"rendered":"RBI imposed penalty on The Halol Mercantile Co-operative Bank Ltd."},"content":{"rendered":"<p>The Reserve Bank of India has imposed a monetary penalty of ? 5.00 lakh (Rupees Five Lakh only) on the The Halol Mercantile Co-operative Bank Ltd., Halol Dist. Panchmahals (Gujarat) in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation pertaining to sanctioning unsecured loans despite operational restriction imposed on it under section 36(1) of Banking Regulation Act, 1949 (AACS).<\/p>\n<p>The Reserve Bank of India had issued a Show Cause Notice to the bank in response to which the bank submitted a written reply. After considering the facts of the case, the bank\u2019s reply and also personal submissions in the matter, RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty.<\/p>\n<p>Ajit Prasad<br \/>Assistant General Manager<\/p>\n<p>Press Release: 2014-2015\/2256<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has imposed a monetary penalty of ? 5.00 lakh (Rupees Five Lakh only) on the The Halol Mercantile Co-operative Bank Ltd., Halol Dist. Panchmahals (Gujarat) in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 &#8230; <a title=\"RBI imposed penalty on The Halol Mercantile Co-operative Bank Ltd.\" class=\"read-more\" href=\"https:\/\/taxclick.org\/type\/banking\/rbi-imposed-penalty-on-the-halol-mercantile-co-operative-bank-ltd\/\" aria-label=\"More on RBI imposed penalty on The Halol Mercantile Co-operative Bank Ltd.\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[21],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI imposed penalty on The Halol Mercantile Co-operative Bank Ltd. - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/banking\/rbi-imposed-penalty-on-the-halol-mercantile-co-operative-bank-ltd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI imposed penalty on The Halol Mercantile Co-operative Bank Ltd. - All About Finance\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India has imposed a monetary penalty of ? 5.00 lakh (Rupees Five Lakh only) on the The Halol Mercantile Co-operative Bank Ltd., Halol Dist. 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