Case Brief
By an order dated September 29, 2022, RBI imposed a monetary penalty of ₹20.00 lakh on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra. The penalty was imposed because the bank did not comply with RBI directions on frauds monitoring and reporting mechanism, specifically by reporting frauds with delay. RBI cited its statutory inspection, the Risk Assessment Report, and related correspondence, and concluded that the charge of non-compliance was substantiated. The penalty was levied under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Fine: Rs 20.0 L
- Entity Type
- Co-operative bank
- Location
- Vasai, Maharashtra