The Reserve Bank of India has imposed a monetary penalty of Rs 3.00 lakh on the Sahyadri Sahakari Bank Limited, Mumbai for contravention of some of its provisions.
The UCB was found guilty of contravention of /non-compliance with the directions issued by RBI contained in the Master Circular on Frauds – Classification and Reporting.
The 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.