Case Brief
The Reserve Bank of India imposed a monetary penalty on The Vaidyanath Urban Co-operative Bank Ltd., Beed (Maharashtra) by order dated February 07, 2023. The penalty was for non-adherence to specific RBI directions issued under the Supervisory Action Framework under section 36(1) read with section 56 of the Banking Regulation Act, 1949. RBI said the bank made a donation in violation of its operational instructions, and after a show-cause notice and hearing, concluded the contravention was substantiated.
Action Snapshot
- Primary Impact
- Fine: Rs 1.50 L
- Entity Type
- Co-operative bank
- Location
- Beed, Maharashtra
- Order Date