ANI
21 Nov 2023, 00:07 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 Afghanistan Sun 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 Afghanistan Sun.
More InformationAUSTIN, Texas: Over the weekend, Texas Governor Greg Abbott signed a new law that will let more than five million students use state...
WASHINGTON, D.C.: The U.S. Transportation Department says it is working to fix a significant shortage of air traffic controllers by...
WASHINGTON, D.C.: The U.S. Department of Defense wants to change its contracts so the Army can fix its own weapons instead of always...
MEXICO CITY, Mexico: Mexico is laying the groundwork to reduce its standard work week from 48 to 40 hours by 2030, Labor and Social...
WASHINGTON, D.C.: U.S. Health and Human Services Secretary Robert F. Kennedy Jr. wants to change how vaccines are tested, according...
WASHINGTON, D.C.: In a challenge to California's push for cleaner transportation, the U.S. House of Representatives voted this week...
A tourist enjoys a helicopter tour in Sanya, south China's Hainan Province, May 3, 2025. (Xinhua/Guo Cheng)BEIJING, May 7 (Xinhua)...
(250507) -- KABUL, May 7, 2025 (Xinhua) -- A carpet vendor presents a hand-woven carpet at his store in Kabul, Afghanistan, May 7,...
Kiev is trying to portray itself as a key supporter of South Africas anti-apartheid struggle The article Ukraine looks to rekindle...
HOHHOT, May 7, 2025 (Xinhua) -- 2025 AFC Women's Futsal Asian Cup kicks off in Hohhot, north China's Inner Mongolia Autonomous Region,...
Mumbai (Maharashtra) [India], May 6 (ANI): Gujarat Titans premier spinner Rashid Khan feels he is operating at 75 to 80 per cent and...
(250506) -- HOHHOT, May 6, 2025 (Xinhua) -- Australia's Claudia Fruscalzo (L) and China's Xiong Jing competes during the group A match...