ANI
21 Nov 2023, 04:37 GMT+10
Mumbai (Maharashtra) [India], November 20 (ANI): Reserve Bank of India (RBI) has imposed a monetary penalty of Rs two lakh on Sangli Sahakari Bank Limited, Mumbai, for "non-compliance with the directions issued by RBI on 'Board of Directors-UCBs'".
An RBI release said this penalty has been imposed in the exercise of powers conferred on RBI under the provisions of the Banking Regulation Act, 1949.
"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," the release said.
It said the statutory inspection of the bank conducted by RBI with reference to its financial position as of March 31, 2022, and examination of the Inspection report, Risk Assessment Report and all correspondence revealed that the bank had renewed a loan given to a relative of one of its directors.
Subsequently, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the requisite directions.
"After considering the bank's reply to the notice, RBI came to the conclusion that the charge of non-compliance with the aforesaid directions issued by RBI was substantiated and warranted imposition of monetary penalty on the bank," the release said.
The requisite order for monetary penalty was made by RBI in September this year. (ANI)
Get a daily dose of North Korea Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.
More InformationNASSAU, The Bahamas: The Bahamas police says a woman from the U.S. died after she was attacked by a shark ...
BEIJING, China: President Xi Jinping is set to visit Vietnam on December 12 and 13, where he will engage with ...
WASHINGTON, DC - Within hours of blocking a UN Security Council resolution from demanding a ceasefire in the current Mideast ...
WASHINGTON D.C.: In a sign of the challenges ahead for his 2024 re-election bid, a new Reuters/Ipsos poll showed that ...
Israel has acknowledged and thanked the United States and President Joe Biden for standing firmly by Israel's side at the ...
NEW YORK: This week, New York City officials said that one person was killed and six others were injured when ...
ARLINGTON, Virginia: After pulling ahead of Airbus in closely monitored fleet renewal discussions, Boeing is nearing a deal to sell ...
TOKYO, Japan: Japan, Britain, and Italy are set to establish a new collaborative organization and industry group dedicated to developing ...
LOS ANGELES, California: This week, members of the SAG-AFTRA actors union approved a three-year contract with major studios, formally ending ...
LAS VEGAS, Nevada: The U.S. Transportation Department has allocated US$3 billion for a $12 billion Las Vegas to Southern California ...
WASHINGTON D.C.: U.S. gasoline prices could fall below US$3 a gallon for the first time since 2021 and are currently ...
WASHINGTON D.C.: To fix issues that could lead to further bank failures in the U.S., such as the collapse of ...