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Siddheshwar Sahakari Bank penalized


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. ....

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Shankar Nagari Sahakari Bank penalized


Shankar Nagari Sahakari Bank penalized
The Reserve Bank of India has imposed a monetary penalty on Shankar Nagari Sahakari Bank Limited, Nanded, Maharashtra for non-compliance with directions issued by the RBI to the UCB.
The UCB was found guilty of flouting Exposure Norms, Statutory and Other Restrictions of RBI.  This penalty has been imposed considering the failure of the bank to adhere to the aforesaid directions issued by RBI.
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, RBI clarified. ....

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