The Reserve Bank of India has imposed a monetary penalty of Rs 3.00 lakh on the Vyavsaik Sahakari Bank Limited, Raipur.
The UCB was found guilty of non-compliance with Directions issued by RBI on Exposure Norms and Statutory/Other Restrictions on UCBs and Board of Directors – UCBs.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says RBI.