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RBI imposes monetary penalty on The Madura Sourashtra Co-operative Bank

The inspection report of the bank based on its financial position as of March 31, 2020, revealed a violation of directions issued under the Supervisory Action Framework (SAF).

September 29, 2021 / 05:54 PM IST

The Reserve Bank of India (RBI) on September 29 imposed a monetary penalty of Rs2.50 lakh on The Madura Sourashtra Co-operative Bank Ltd for rule violations.

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, the RBI said.

The inspection report of the bank based on its financial position as of March 31, 2020, revealed a violation of directions issued under the Supervisory Action Framework (SAF).

Based on the same, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.

After considering the bank’s reply and oral submissions during the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance with RBI directions were substantiated and warranted imposition of monetary penalty, the RBI said.
Moneycontrol News
Tags: #RBI
first published: Sep 29, 2021 05:54 pm

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