One of the Maharashtra based women cooperative banks has been faulted by the apex bank for diverting funds violating the standing guidelines of Reserve Bank of India.
The apex has imposed a monetary penalty of Rupees Five Lakh on the said woman cooperative bank named Amravati Zilla Mahila Sahakari Bank.
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 the penalty.