The Reserve Bank of India has imposed a monetary penalty on Shri Laxmi Co-operative Bank based in Pune in exercise of the powers vested in it.
The UCB was found guilty of violations of provision of B.R.Act, 1949 (AACS) by submitting false compliance to RBI Inspection Report 2012-2013.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
