The Reserve Bank of India has imposed a monetary penalty of Rs 1.00 lakh on Balasinor Nagrik Sahakari Bank Ltd., Balasinor, Dist. Mahisagar (Gujarat).
The UCB was found guilty of non-compliance with directions issued by the RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’.
This penalty has been imposed in exercise of powers vested in RBI under the provisions.
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.
