The Reserve Bank of India has imposed monetary penalty on Bedkihal Urban Cooperative Bank Ltd which is based in Bedkihal in Karnataka.
The UCB was found violating directives and guidelines of Reserve Bank of India on Exposure Norms.
The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank sought personal hearing.
After considering the facts of the case, bank’s reply in the matter and personal hearing, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty, reads a RBI press release.