The Reserve Bank of India has imposed a monetary penalty on Shri Bhausaheb Thorat Amrutvahini Sahakari Bank Ltd., Ghulewadi, Ahmednagar in exercise of the powers vested in it.
The UCB was found guilty of violation of directives, instructions and guidelines issued by Reserve Bank of India on declaration of dividend by UCBs.
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 violation was substantiated and warranted imposition of penalty.