The Reserve Bank of India has imposed a monetary penalty of Rs 25,000/ on Mula Sahakari Bank Ltd., Sonai, Ahmednagar.
The UCB was faulted for non-adherence with Directions issued by RBI to Urban Co-operative Banks on Exposure Norms & Statutory/Other Restrictions-UCBs.
This penalty has been imposed in exercise of powers vested in RBI under the Act.
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, says RBI.