The Reserve Bank of India has imposed a monetary penalty of Rs 25.00 Lakh (Rupees Twenty-Five Lakh only) on Madhya Pradesh Rajya Sahakari Bank Maryadit, Bhopal, Madhya Pradesh.
The bank was faulted for non-compliance with regulatory directions issued by NABARD contained in “Review of Frauds – Guidelines on Monitoring and Reporting System”.
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 RBI.