The Reserve Bank of India has imposed, a monetary penalty on the following banks based on the inspection for evaluation, found that inter alia, violation / non-compliance with directions issued and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Based on the inspections findings had issued a Notice to the bank advising it to show cause as to why penalty should not be imposed on it for failure to comply with the directions issued by Reserve bank of india After considering the bank’s reply to the notice 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 and imposed a penalty on the following banks
The Reserve Bank of India imposed a monetary penalty of ₹40.00 lakh on The Mehsana Urban Co-operative Bank Ltd., Mehsana, Gujarat
The Reserve Bank of India imposed a monetary penalty of ₹7.00 lakh on Indapur Urban Cooperative Bank Ltd., Indapur, Maharashtra
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Warud Urban Co-operative Bank Ltd., Warud, Maharashtra
The Reserve Bank of India imposed a monetary penalty of ₹25.00 lakh on Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur
The Reserve Bank of India imposed a monetary penalty of ₹3.50 lakh on The Yavatmal Urban Co-operative Bank Limited, Yavatmal
The Reserve Bank of India imposed a monetary penalty of ₹2.51 lakh on The Goa State Co-operative Bank Ltd., Panaji
The Reserve Bank of India imposed a monetary penalty of ₹2.33 crore on Spandana Sphoorty Financial Limited, Hyderabad
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Garha Co-operative Bank Limited, Guna
The Reserve Bank of India imposed a monetary penalty of ₹1.00 lakh on Jila Sahakari Kendriya Bank Maryadit, Chhindwara
