The Reserve Bank of India has imposed a monetary penalty of Rs two lakh on Dilip Urban Co-operative Bank based in Barshi, Solapur (Maharashtra) in exercise of powers vested in it.
The UCB was found guilty of violation of RBI Instructions and Guidelines with respect to Investment and prudential limit on Non-SLR Investment.
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, the bank’s reply in the matter, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.