The Reserve Bank of India has imposed a monetary penalty on Siddheshwar Sahakari Bank based in Latur, Maharashtra.
The UCB was found guilty of non-compliance with the directions issued by RBI to Urban Cooperative Banks on Exposure Norms and Statutory/ Other Restrictions and Income Recognition and Asset Classification (IRAC) norms.
This penalty is is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI
After considering the bank’s replies and oral submissions made during the personal hearing, RBI concluded that the charge of non-compliance was substantiated and warranted imposition of monetary penalty.
