The Reserve Bank of India has imposed a monetary penalty of Rs One Lakh on Nagar Sahkari Bank based in Etawah (Uttar Pradesh) in exercise of powers vested in it.
The UCB was found guilty of violation of RBI Instructions and Guidelines on Prudential Norms on Inter-bank Gross Exposure and Counter Party Limit.
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank submitted a written reply.
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 violations were substantiated and warranted imposition of penalty.
