The Reserve Bank of India has imposed a monetary penalty on The Srikalahasti Co-operative Town Bank Ltd., Srikalahasti, Andhra Pradesh, in exercise of the powers vested in it.
The UCB was guilty of violation of directives, guidelines and instructions of the Reserve Bank of India on submission of compliance report.
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 of India came to the conclusion that the violation was substantiated and warranted imposition of penalty.