Thursday, Apr 25 2024 | Time 13:16 Hrs(IST)
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Business Economy


RBI imposes penalty on Birdev Sahakari Bank Ltd, Ichalkaranji, Kolhapur

Mumbai, May 27 (UNI)The Reserve Bank of India has imposed a monetary penalty of Rs 5.00 lakh (Rupees five lakh only) on Birdev Sahakari Bank Ltd, Ichalkaranji, Kolhapur
RBI has imposed the penalty in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS), for violations of the directives / guidelines of the Reserve Bank of India relating to interbank (gross) exposure limit, interbank counter party limit,
unsecured advances limit and non adherence to Know Your Customer (KYC) norms.

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 bank’s reply in the matter, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of the penalty.
UNI JS AW1236
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