The Reserve Bank of India imposed a monetary penalty of Rs 1.25 lakh on the Gujarat based Valsad Mahila Nagrik Sahakari Bank on Monday.
The penalty has been imposed for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’, ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’, ‘Know Your
Customer (KYC) norms’ and ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.
This penalty has been imposed in exercise of powers conferred on RBI under section 47A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 and section 25 of the Credit Information Companies (Regulation) Act, 2005.
