The Reserve Bank of India has imposed a monetary penalty on Shankar Nagari Sahakari Bank Limited, Nanded, Maharashtra for non-compliance with directions issued by the RBI to the UCB.
The UCB was found guilty of flouting Exposure Norms, Statutory and Other Restrictions of RBI. This penalty has been imposed considering the failure of the bank to adhere to the aforesaid directions 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, RBI clarified.