RBI imposes monetary penalty on Sangli Sahakari Bank Limited, Mumbai

Tue, 05 Dec 2023

RBI imposes monetary penalty on Sangli Sahakari Bank Limited, Mumbai

ANI
21 Nov 2023, 04:37 GMT+10

Mumbai (Maharashtra) [India], November 20 (ANI): Reserve Bank of India (RBI) has imposed a monetary penalty of Rs two lakh on Sangli Sahakari Bank Limited, Mumbai, for "non-compliance with the directions issued by RBI on 'Board of Directors-UCBs'".

An RBI release said this penalty has been imposed in the exercise of powers conferred on RBI under the provisions of the Banking Regulation Act, 1949.

"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 release said.

It said the statutory inspection of the bank conducted by RBI with reference to its financial position as of March 31, 2022, and examination of the Inspection report, Risk Assessment Report and all correspondence revealed that the bank had renewed a loan given to a relative of one of its directors.

Subsequently, a notice was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the requisite directions.

"After considering the bank's reply to the notice, RBI came to the conclusion that the charge of non-compliance with the aforesaid directions issued by RBI was substantiated and warranted imposition of monetary penalty on the bank," the release said.

The requisite order for monetary penalty was made by RBI in September this year. (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 Paris Guardian.

More Information

7 ℃

Mostly Cloudy in Paris/Orly

International

Section

Pentagon secretly providing bombs for Israeli bombardments

The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...

Biden administration says EPA to replace lead water pipes in 10 years

WASHINGTON D.C.: This week, the Biden administration announced a proposal by the Environmental Protection Agency (EPA) that would require U.S. ...

Cyberattack hits Japan space agency, rocket and satellites unaffected

TOKYO, Japan: Japan's space agency recently fell victim to a cyberattack, but reassuringly, the compromised information did not pertain to ...

Michigan man sentenced to prison term for keeping dead wife in freezer

MOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...

US CDC says life expectancy for newborns in 2022 gained a year

ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...

Three more Israeli troops die in Gaza conflict, death toll hits 400

The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...

Business

Section

Biden administration introduces new rule to reduce methane emissions

WASHINGTON D.C.: This week, the Biden administration adopted a new rule aimed at reducing methane emissions, which targets the role ...

Tesla to start delivering Cybertrucks: Musk

AUSTIN, Texas: During an event held this week in Austin, Texas, Tesla CEO Elon Musk said the electric vehicle (EV) ...

U.S. stocks start week in divided territory, dollar jumps

NEW YORK, New York - U.S. stocks closed mixed on Monday following on from last week's volatility."Digestion is the word ...

Microsoft president denies super-intelligent AI possible in 12 months

REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...

EVs not as reliable as conventional cars, trucks: Consumer Reports

NEW YORK: A survey by Consumer Reports found that electric vehicles (EV) from 2021 through 2023 model years encountered nearly ...

Singapore, Zurich, Geneva are among world's costliest cities

LONDON, UK: In a report released this week, the Economist Intelligence Unit (EIU) said that Singapore and Zurich tied for ...

Movie Review

Christ Stopped at Eboli (Cristo si fermato a Eboli)