The Reserve Bank of India has imposed a monetary penalty of Rs 2.50 lakh on the Madura Sourashtra Co-operative Bank Ltd.
The UCB was guilty of non-adherence / violation of directions issued under Supervisory Action Framework (SAF). 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.