The Reserve Bank of India has imposed a monetary penalty on the Dr. Ambedkar Nagrik Sahakari Bank Maryadit, Gwalior, Madhya Pradesh in exercise of the powers vested in it.
The UCB was found indulging in violation of the provisions of Section 27 of Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) and restrictions imposed upon it under Supervisory Action Framework.
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 and personal hearing, the Reserve Bank of India came to the conclusion that the violations were substantiated and warranted imposition of penalty.