trendingNowenglish2358053https://zeenews.india.com/economy/rbi-imposes-rs-40-lakh-penalty-on-himachal-pradesh-state-cooperative-bank-2358053.html
News> Economy
Advertisement

RBI imposes Rs 40 lakh penalty on Himachal Pradesh State Cooperative Bank

A notice was issued to the Himachal Pradesh State Co-operative Bank. After considering the bank's reply to the notice and oral submissions made in the personal hearing, the RBI said it came to the conclusion that the charge was substantiated and warranted imposition of monetary penalty.

RBI imposes Rs 40 lakh penalty on Himachal Pradesh State Cooperative Bank

The RBI has imposed a penalty of Rs 40 lakh on Himachal Pradesh State Cooperative Bank, Shimla, for non-compliance with certain regulatory directions issued by NABARD.

The penalty has been imposed for non-compliance with regulatory directions issued by NABARD contained in 'Review of Frauds - Guidelines on Monitoring and Reporting System', the Reserve Bank of India said on Tuesday.

Giving details, it said the statutory inspection of the bank conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to the bank's financial position as of March 31, 2019, and the Inspection Report (IR) pertaining thereto, and examination of all related correspondence regarding reporting of frauds, revealed, inter alia, non-compliance of the directions.

A notice was issued to the Himachal Pradesh State Co-operative Bank. After considering the bank's reply to the notice and oral submissions made in the personal hearing, the RBI said it came to the conclusion that the charge was substantiated and warranted imposition of monetary penalty.

The RBI, however, added penalty has been imposed 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.

Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.

Read More
NEWS ON ONE CLICK