RBI warns UCB directors against connected party lending!
Mon, Jan 29, 2024 6:54 PM

RBI warns UCB directors against connected party lending!

A Flip by Avya Verma
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RBI official warns Urban Cooperative Banks against loans to connected parties such as directors' relatives. Credit decisions should be made solely on merit and directors must upskill to identify risks. RBI has strengthened scrutiny of cooperative banks with more penalties and cancellations. Directors urged to have vigilance system and address root causes of fraud.

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