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The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs 3 lakh on the Shirpur Peoples' Co-operative Bank, Shirpur, in Maharashtra for contravention of or non-compliance with certain directions issued by the central bank.This penalty has been imposed in the exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by the central bank.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, RBI said.These RBI directions were to urban cooperative banks (UCBs) on 'Exposure Norms and Statutory / Other Restrictions - UCBs', Income Recognition and Asset Classification (IRAC) and Know Your Customer (KYC), according to the central bank's statement released on Monday evening.The inspection report of the of bank based on its financial position as on March 31, 2019, and as on March 31, 2020, revealed that the bank had had sanctioned advances to a group of borrowers above permissible limit, had not complied with Income Recognition and Asset Classification (IRAC) norms, and did not have a robust software to identify and monitor suspicious transactions, in contravention of/non-compliance with the aforesaid directions issued by RBI.Based on the same, a notice of RBI was issued to the bank advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.After considering the bank's replies, oral submissions made during the personal hearing and additional submissions made thereafter, RBI came to the conclusion that the aforesaid charges of non-compliance with its directions were substantiated and warranted the imposition of a monetary penalty.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Shirpur Peoples' Co-Operative BankFOLLOW

Shirpur peoples' co-operative bank, Latest News

Business :RBI imposes Rs 3-lakh penalty on Shirpur Peoples' Co-operative Bank in Maharashtra

The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs 3 lakh on the Shirpur Peoples' ... ...