The Reserve Bank of India has imposed a monetary penalty of Rs five lakh on the Walchandnagar Sahakari Bank Ltd., Walchandnagar, District Pune in exercise of the powers vested in it.
The UCB was found guilty of violation of RBI directive, instructions, delayed and non-submission of compliance to various irregularities observed during RBI inspection in the years 2014 and 2016 and non-submission of reply to Show Cause Notices issued to the bank by RBI.
After considering the facts of the case, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty.