RBI imposes monetary penalty on Varachha Co-operative Bank

This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI, the RBI said.

from Banking/Finance-Industry-Economic Times https://ift.tt/ac5ANfF