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<h1>RBI Fines Sarvodaya Sahakari Bank Rs. 1 Lakh for Exceeding Donation Limits Under Banking Regulation Act, 1949.</h1> The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1 lakh on The Sarvodaya Sahakari Bank Ltd., located in Surat, Gujarat. This action was taken under the Banking Regulation Act, 1949, applicable to cooperative societies, due to the bank's violation of RBI instructions by making donations exceeding the prescribed limit. The RBI had issued a show cause notice, and after reviewing the bank's written reply and personal submissions, concluded that the violation was substantiated, justifying the penalty.
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