Scindia releases commemorative Postage Stamp in Memory of Sant Malukdas Ji (See 'Corp Brief') Khadse reviews sports ecosystem in Mizoram; visits SAI Aizawl (See 'Corp Brief') NTPC WR-I Hqs gears up to host Mumbai Regional Round of NTPC Electron Quiz (See 'Corp Brief') Competition Act - Regulatory decisions taken in exercise of statutory powers not subject to review by CCI; authority concerned is not amenable to scrutiny u/s 4 of Competition Act: CCI (See 'Legal Desk') Conventional to Smart Mining: Technology Transformation of Coal India Ltd (See 'Corp Brief') NSTFDC joins hands with HPCL for Computer Lab-cum-Smart Classroom in 29 Eklavya Schools (See 'Corp Brief') Repair before Replace, Reuse before Discard, Recover before Waste, says Yadav (See 'Corp Brief') SEBI - Penalty order under SEBI (PFUTP) Regulations unsustainable where foundational findings regarding volume of manually deleted orders & manipulative intent are perverse & contrary to the record: SAT (See 'Legal Desk') Varuna Elevated Corridor: Balancing Heritage, Mobility and Growth in Varanasi (See 'Corp Brief') Commercial Coal Mine Auctions: Powering Aatmanirbhar Bharat Through Transparency (See 'Corp Brief') Capital Market - Release of escrow amount maintained for buyback does not bar separate inquiry into alleged fraud under PFUTP Regulations: SC (See 'Legal Desk') Postal Employee Organisations hail the Government for 'reinventing' India Post (See 'Corp Brief') DFS wins First Prize under 'Rajbhasha Kirti' for 2025-26 (See 'Corp Brief') IBC - Where a plausible dispute requiring further investigation exists & the defence is not patently feeble, a petition u/s 9 cannot be admitted: NCLT (See 'Legal Desk') India world's largest Vaccine producer and global supplier by volume: MoS (See 'Corp Brief') Mizoram's Railway Lifeline completes One Year of Success (See 'Corp Brief') PBPT - Transfer of funds by beneficial owner to purchase properties in names of relatives without demonstrable loan agreements or independent source of income is classic benami transaction under the Act: SAFEMA Tribunal (See 'Legal Desk') Expanding coal production and infrastructure while widening opportunities in Central India (See 'Corp Brief') Cochin Shipyard Ltd and Drydocks World Form JV To strengthen India's Ship Repair Industry (See 'Corp Brief') FEMA - Financial difficulties do not excuse non-compliance with mandatory FEMA requirements - Funds received via FDI cannot be utilised or diverted for purposes other than those for which they were received: SAFEMA Tribunal (See 'Legal Desk') Next Subscription Economy may arrive with Telecos monthly bills (See CORP EINSICHT)

Print

RBI slaps penalty of 90.00 lakh on Vasai Vikas Sahakari Bank

Published: Oct 27, 2021

MUMBAI, OCT 27, 2021: THE Reserve Bank of India (RBI) has, by an order dated October 26, 2021 imposed a monetary penalty of Rs.90.00 lakh on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on "Management of Advances - UCBs", "Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs", with the specific directions issued to the bank vide RBI's letter dated November 22, 2018 and with the provisions of section 31 read with section 56 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI conferred under section 47A (1)(c) read with sections 46 (4) (i) and 56 of the Act, taking into account failure of the bank to adhere to the aforesaid directions issued by RBI and provisions of section 31 read with section 56 of the Banking Regulation Act, 1949. This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.