Regulatory Alerts2026-08-24
Added
RBI imposes monetary penalty on The Pragathi Co-operative Bank Limited, Karnataka
The Reserve Bank of India imposed a monetary penalty of ₹2 lakh on The Pragathi Co-operative Bank Limited for contravening sections 20 and 56 of the Banking Regulation Act, 1949, and failing to comply with directions regarding loans to directors, exposure norms, and investment portfolio classification. The penalty stems from supervisory findings that the bank sanctioned director-related loans, breached the prescribed regulatory limit for single borrower exposure, and violated prudential inter-bank exposure and counter-party limits. This action addresses deficiencies in statutory and regulatory compliance identified during a statutory inspection of the bank's financial position as of March 31, 2025.
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