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Siddheshwar Sahakari Bank penalized
The Reserve Bank of India has imposed a monetary penalty on Siddheshwar Sahakari Bank based in Latur, Maharashtra.
The UCB was found guilty of non-compliance with the directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/ Other Restrictions and Income Recognition and Asset Classification (IRAC) norms.
This penalty is is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI
After considering the bank’s replies and oral submissions made during the personal hearing, RBI concluded that the charge of non-compliance was substantiated and warranted imposition of monetary penalty.
Yavatmal Urban Co-op Bank penalized
The Reserve Bank of India has imposed a monetary penalty of ?5.00 lakh (Rupees Five Lakh only) on The Yavatmal Urban Cooperative Bank Limited, Yavatmal, Maharashtra.
The UCB was found guilty of contravention of and non-compliance with the directions issued by RBI to Urban Cooperative Banks on Frauds – Classification and Reporting.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says RBI.
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