The Reserve Bank of India has imposed a monetary penalty on Rajputana Mahila Urban Co-operative Bank which is located in Jaipur.
The bank was found guilty of violating the provisions of Section 35 (2) of B.R. Act, 1949 (AACS) by not providing records, information and statements of accounts of various heads and vouchers with supporting documents etc. for verification.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of the monetary penalty. It therefore imposed the penalty on the bank.