The leading urban cooperative bank of Goa Mapusa Urban Co-operative Bank has been penalized by the regulator RBI.
In a press release issued by the regulator it says “The Reserve Bank of India has imposed a monetary penalty of Rs five lack on The Mapusa Urban Co-operative Bank of Goa Ltd, Mapusa, Goa, in exercise of the powers vested in it.
The UCB was found guilty of violations of the directions and guidelines issued by the Reserve Bank of India relating to payment of interests on term deposits, single and group borrower exposure limits and grant of unsecured advances.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
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 penalty.
