The Reserve Bank of India has imposed a monetary penalty on Shree Vardhaman Sahakari Bank, Vadodara (Gujarat).
The urban cooperative bank was faulted for for violation of operational instructions issued by RBI under section 36(1) of the Banking Regulation Act, 1949 (AACS).
The Reserve Bank of India had issued a show cause notice to the bank based on the finding of inspection for the financial position as on March 31, 2013, in response to which the bank submitted a written reply and made personal submission to the Regional Director, RBI, Ahmedabad.
After considering the facts of the case, the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
