RBI imposes Rs 3 lakh penalty on Parwanoo Urban Co-operative Bank

ANI
22 Nov 2022, 05:18 GMT+10

Mumbai (Maharashtra) [India], November 21 (ANI): The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 3 lakh on Parwanoo Urban Co-operative Bank, Parwanoo, Himachal Pradesh, for violating certain rules framed.

The penalty was imposed in exercise of powers vested in the central bank under various sections of Banking Regulation Act, 1949, due to "failure of the bank to adhere to the directions issued by RBI."The central bank has said the 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 Inspection Report and Risk Assessment Report of the bank based on its financial position as on March 31, 2021, revealed non-compliance with specific directions issued to the bank by RBI under Supervisory Action Framework (SAF). Based on the same, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed for non-compliance with the said directions.

After considering the bank's reply to the notice and submissions made during the personal hearing, RBI came to the conclusion that the charge of non-compliance with RBI directions was substantiated and warranted imposition of a monetary penalty.

The Supervisory Action Framework (SAF) envisages, in the initial stage of deterioration in the financial position, self-corrective action by the management of the urban cooperative banks themselves and supervisory action by the Reserve Bank in case the financial position of the bank does not improve. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.

More Information

20 ℃

Fair in Perth

International Business

Section

Russian unemployment hits historical low data

The number of jobless people has dropped below 3% for the first time since the 1990sUnemployment levels in Russia plunged ...

India's GDP grew 7.6% in July-September quarter

New Delhi [India], November 30 (ANI): The Indian economy grew 7.6 per cent during the July-September quarter of the current ...

Indonesia Approves 20% Increase in Defense Spending Through 2024

JAKARTA, Indonesia - Indonesia's outgoing president has approved a 20% increase in defense spending through the end of next year, ...

Chinese enterprises secure global supply chain with digital tech

At COP28, India expects a "clear roadmap" on climate financing

New Delhi [India], November 30 (ANI): India expects a clear roadmap on climate financing during the COP28 starting today, where ...

Japan Asks US Military to Ground Osprey Aircraft After Fatal Crash

TOKYO - Japan has asked the U.S. military to ground its V-22 Osprey aircraft after one crashed into the sea ...

Australia

Section

Nathan Lyon signs for Lancashire for entire 2024 season with aim of catching up to James Anderson

New Delhi [India], November 30 (ANI): Australia's experienced off-spinner Nathan Lyon on Thursday put pen-to-paper on a contract for Lancashire ...

"Could see him getting back into Test line-up": Ricky Ponting on Glenn Maxwell's possible comeback in Australia Test squad

Melbourne [Australia], November 30 (ANI): Australia great Ricky Ponting thinks outstanding all-rounder Glenn Maxwell should be seriously entertained for a ...