The Reserve Bank of India has imposed a monetary penalty on Sahebrao Deshmukh Co-operative Bank based in Mumbai in exercise of the powers vested in it.
Sahebrao Deshmukh Co-operative Bank was found guilty of violation of instructions and guidelines issued by the Reserve Bank of India relating to opening of on-site ATM.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.