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 Mexico Star 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 Mexico Star.
More InformationVILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
Sangareddy (Telangana) [India], July 2 (ANI): Following the Sigachi Pharma chemical factory explosion in Telangana's Sangareddy district...
U.S. Senate passes Trump's landmark mega-bill The GOP-led Senate on Tuesday passed U.S. President Donald Trump's One Big Beautiful...
Leh (Ladakh) [India], July 2 (ANI): GOC Trishul Division's Galwan Cycling Expedition team covered a distance of 312 km from Nyoma to...
by Burak Akinci ANKARA, July 1 (Xinhua) -- Yousouf Al Sharif, a 35-year-old furniture worker from Syria living in Ankara, is thinking...
Bengaluru (Karnataka) [India], July 1 (ANI): The Central Administrative Tribunal (CAT) on Tuesday stated that it was the Royal Challengers...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...