Gujarat: Shri Vinayak Sahakari Bank penalized

The Reserve Bank of India has imposed monetary penalty on Shri Vinayak Sahakari Bank Ltd. Ahmedabad (Gujarat) (Non-scheduled UCB), in exercise of the powers vested in it.

Shri Vinayak Sahakari Bank was found violating RBI instructions issued under Supervisory Action Framework (SAF), violation of KYC/AML norms issued by RBI etc.

The Reserve Bank of India had issued a Show Cause Notice (SCN) to the bank based on the findings of inspection for the financial position as on March 31, 2017, in response to which the bank submitted a written reply and made personal submission to the Committee of Senior Officers at Reserve Bank of India, Ahmedabad.

After considering the facts of the case and bank’s reply in the matter, the Reserve Bank came to the conclusion that above violations were substantiated and warranted imposition of the penalty.

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