The Reserve Bank of India has imposed a monetary penalty of Rupees five lakh on Manipal Co-operative Bank Ltd., Manipal, Karnataka for violating RBI directives by granting loans for real estate purpose exceeding the single party exposure limit of 15 per cent of its capital funds.
Real estate developer Emaar MGF Land’s third attempt to raise Rs 1,600 crore through an initial share sale offer has hit a regulatory hurdle.
Fraudsters will soon find it difficult to dupe banks by mortgaging the same property with two lenders or selling mortgaged property.
The State Bank of India has finally put an end to its most innovative and wildly successful home loan scheme from May due to concerns raised by and under pressure from the Reserve Bank of India.