Pravara Sahakari Bank Ltd., based in Ahmednagar, Maharashtra has been imposed a monetary penalty of Rs5.00lac(Rupees five lakhs only), by Reserve Bank of India, on 25/10/2011.
The penalty was imposed, for violation of directives/guidelines of the Reserve Bank of India on maximum limit on advances as modified from time to time, by sanctioning loans to trusts managing different colleges in excess of the single borrower norm.
The Bank was launched by Padmabhushan Shri. E.V.alias Balasaheb Vikhe Patil, in 1975, and over the years, increased the numbers as well as the deposits under it.
Pravara Sahakari Bank, is the 2nd bank from Ahmednagar, Maharasthra, to be penalised by Reserve Bank of India, in October 2011
Hm, a unique distinction by Ahmednagar Co-operative Banks.
There is a defunct website of Pravara Bank @ www.pravarabank.org