The Reserve Bank of India has imposed a monetary penalty of Rs two lakh fifty thousand on the Secunderabad Co-operative Urban Bank based in Hyderabad, Telangana.
The Bank was found guilty of violation of Reserve Bank of India instructions and guidelines on Installation of Automated Teller Machine (ATM), Supervisory restrictions imposed on the bank under revised Supervisory Action Framework (SAF), Exposure Norms, Submission of false information to Reserve Bank of India and Non-production of relevant records during inspection.
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 and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.
