The Reserve Bank of India has imposed a monetary penalty on Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, in exercise of powers vested in it.
The UCB was faulted for Non-compliance of KYC guidelines, not obtaining membership of any CIC, Non-Submission of satisfactory compliance to RBI inspection report on time, Non-Submission of documentary proof for transfer of funds to Depositor Education and Awareness Fund (DEAF) and Irregular submission of various XBRL Returns.
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had not submitted a written reply.
After considering the facts of the case, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.