Reserve Bank of India has imposed a monetary penalty on the Balasore Cooperative Urban Bank Limited, Balasore, Odisha. The fine is to the tune of Rs one lac.
The UCB was found guilty of contravention of the direction issued by RBI as contained in Master Circular on “Exposure Norms and Statutory/Other Restrictions-UCBs”.
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, clarifies the RBI.