RBI penalises Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd
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RBI penalises Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd

Mumbai, Dec 4: The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1, 80,000 (Rupees One Lakh Eighty Thousand only) on Dr Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd, Nilanga.

RBI has imposed the penalty in exercise of powers vested in it under the provisions of Section 47A (1) (c) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of RBI Instructions/Guidelines relating to Non-compliance of KYC guidelines, Not obtaining membership of any CIC, Non-Submission of satisfactory compliance to RBI inspection report on time, Non-Submission of documentary proof for transfer of funds to Depositor Education and Awareness Fund (DEAF) and Irregular submission of various XBRL Returns.

The Reserve Bank of India had issued a Show Cause Notice to the bank, in response to which the bank had not submitted a written reply. After considering the facts of the case, the Reserve Bank came to the conclusion that the violations were substantiated and warranted imposition of penalty. (UNI)