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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.

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