The Reserve Bank of India has imposed a monetary penalty of ?5.00 lakh (Rupees Five Lakh only) on The Yavatmal Urban Cooperative Bank Limited, Yavatmal, Maharashtra.
The UCB was found guilty of contravention of and non-compliance with the directions issued by RBI to Urban Cooperative Banks on Frauds – Classification and Reporting.
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, says RBI.
