MUMBAI, India, Aug. 24 -- Reserve Bank of India issued the following press release:
The Reserve Bank of India (RBI) has, by an order dated August 20, 2026, imposed a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on The Pragathi Co-operative Bank Limited, Karnataka (the bank) for contravention of provisions of section 20 read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on 'Loans and advances to directors, their relatives, and firms / concerns in which they are interested', 'Exposure Norms and Statutory / Other Restrictions - UCBs' and 'Classification, Valuation and Operation of Investment Portfolio of Primary (Urban) Co-operative Banks'. This penalty has be...