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RBI fines Arvind Sahakari Bank ₹11 lakh for housing loan, deposit rule breaches

Source: Reserve Bank of India · Press Release prid 63222 · ~1 min read

RBI imposed a ₹11 lakh penalty on Arvind Sahakari Bank, Katol, for violating housing finance directions to UCBs and deposit interest rate rules. The bank sanctioned land-acquisition loans to builders and paid extra interest to ineligible depositors.

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Official RBI source: https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63222 — summary by BankPulse (bankpulse.ai).
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