Updated Mar 13, 2021 | 07:28 IST
Explaining the action, the RBI said it advised the bank to submit various returns. However, the bank failed to submit these returns to the RBI within the stipulated time. RBI imposes Rs 1 lakh penalty on United India Co-operative Bank
New Delhi: The Reserve Bank of India (RBI) on Friday (March 12) imposed a penalty of Rs one lakh on the United India Co-operative Bank for violation of rules. The penalty is on account of deficiencies in regulatory compliance, the RBI said in a release.
This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.