The Reserve Bank of India has imposed a monetary penalty of ?10.50 lakh on Shri Kanyaka Nagari Sahakari Bank, Chandrapur.
The UCB was fined for contravention of/ non-compliance with the Supervisory Action Framework issued by RBI.
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, says RBI.
Another co-op bank fined by RBI on Wednesday is Nizamabad District Co-operative Central Bank. RBI imposed a fine of ?2.50 lakh.
The Bank was fined for non-adherence / violation of certain directions issued by RBI contained in the Master Circular on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters.
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, says RBI