The Reserve Bank of India has imposed a monetary penalty of Rs five Lakh on Shri Anand Nagari Sahakari Bank Ltd., Chandrapur, in exercise of powers vested in it.
The UCB was found violating various norms and RBI instructions.
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 and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.