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RBI imposes monetary penalty on Sawantwadi Urban Co-operative Bank, here's why

The Reserve Bank of India has fined Sawantwadi Urban Co-operative Bank โ‚น3 lakh for contravention of directions contained in the Supervisory Action Framework. The penalty came after a thorough statutory inspection of the bank.
Risk Assessment Report State Bank Supervisory Action Banking Regulation Act Sawantwadi Urban Co Operative Bank Sawantwadi Urban Co Operative Bank Rbi Penalty

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RBI Warns Supervisory Action if Banks Fail to Resolve Customer Grievances Within Specific Time

ย 9 The Reserve Bank of India (RBI), while releasing a framework for strengthening grievance redress mechanism, has warned supervisory action against banks that fail to improve their redress mechanism in a time-bound manner. Last month Moneylife had written about how the RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India). The RBI now appears to be getting serious about better grievance redressal system. ย  In a notification issued thi...
Moneylife Digital Team Supervisory Action Banks Fail Resolve Customer Grievances Within Specific Time Reserve Bank Banking Codes

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