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Published on 12/10/2018 10:04:18 AM | Source: Dion Global Solutions Ltd

RBI slaps Rs 1 lakh fine on Hardoi Zila Sahakari Bank

Posted in Industry News| #RBI #Banking Sector #Industry

The Reserve Bank of India has imposed a monetary penalty of Rs 1 lakh on Hardoi Zila Sahakari Bank Ltd., Hardoi, Uttar Pradesh, for violation of RBI Guidelines on restriction on holding shares in other co-operative societies u/s 19 of the Act, ibid and Non-Publication/non-submission of accounts and balance sheet with the auditor’s report u/s 31 of the Act, ibid.

The central bank had issued a Show Cause Notice to the bank, in response to which the bank had 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, it added.