The Reserve Bank of India has imposed a monetary penalty on Ravi Commercial Urban Co-op Bank Ltd., Nagpur in exercise of the powers vested in it.
The UCB was found guilty of for violation of the Operational Instructions issued by RBI.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply to the show cause notice.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of penalty.