Nadda Visits NIPER Mohali, Reviews Biopharma Research and Innovation (See 'Corp Brief') BIS publishes six New Standards for Priority Assistive Products (See 'Corp Brief') Atmanirbhar Panchayat Program to focus on strengthening financial self-reliance of Panchayats (See 'Corp Brief') Bharat Khera Assumes Charge as Secretary, Ministry of MSME (See 'Corp Brief') Pilibhit in UP to get India's first integrated Basmati, organic training-cum-demo farm (See 'Corp Brief') FTA integrates Ayurveda and yoga into modern trade frameworks (See 'Corp Brief') India Grounds $6.1 Billion Investments in FY26, Expects 31,000 Jobs (See 'Corp Brief') Companies Act - Continuation of Look Out Circular invalid where no FIR is registered against person, all prior travel permissions are complied with & no material exists to show likelihood of him absconding: HC (See 'Legal Desk') Op Sindoor demonstrates transition from diplomatic statements to concrete action on terror (See 'Corp Brief') NARCL contributes to improving recovery outcomes & unlocking value for lenders (See 'Corp Brief') IPR - Issues relating to validity of trademark registrations, alleged misrepresentation, and authenticity of documents would be examined at trial, if no party is able to establish substantial goodwill in their respective marks: HC (See 'Legal Desk') DRDO & Indian Navy conduct maiden successful Salvo launch of NASM-SR missiles (See 'Corp Brief') Sacred relics of Lord Buddha arrive in Leh, witnesses spiritual gathering (See 'Corp Brief') PMLA - Separate properties of another company or LLP cannot be attached merely because of shareholding linkage, absent demonstrated money trail to such properties: SAFEMA (See 'Legal Desk') Electrification of buses & trucks is essential for achieving India's decarbonisation targets (See 'Corp Brief') Health-Seeking Behaviour Strengthens as Proportion of Population Reported Ailing in 2025 Nearly Doubles (See 'Corp Brief') IBC - Minimum default threshold u/s 4 is met in case involving operational debt denominated in foreign currency, if foreign currency amount is converted into Indian Rupees with reference to exchange rate prevailing on date of invoice: NCLT (See 'Legal Desk') Railway Minister to Flag Off Extended Srinagar-Jammu Vande Bharat (See 'Corp Brief') Competition Act - Tender conditions & eligibility criteria are primarily within procurer's domain and, absent evidence that such clauses restricts competition or cause exclusionary harm, no intervention is warranted: CCI (See 'Legal Desk') Secretary, DFS Lauds MUDRA Schemes of Financial Inclusion with Public Sector Banks (See 'Corp Brief') Trade Mark - Defendants' conduct of running a coordinated fraudulent recruitment scheme, impersonating the plaintiffs & extracting money from each candidate, is deliberate exploitation of plaintiffs' goodwill & causes reputational harm: HC (See 'Legal Desk') CCI approves Mizuho Securities to acquire certain equity of Avendus Capital (See 'Corp Brief') SAFEMA - Certain transaction falls within ambit of benami transaction where appellants failed to produce supporting material, despite opportunity, to establish legitimate source of funds either in hands of lender or alleged contributors: SAFEMA TRIBUNAL (See 'Legal Desk') CCI approves merger of A1 Agri Global, B.N. Agritech & Salasar Balaji Overseas (See 'Corp Brief') IBC - If corporate debtor is solvent & functioning company, then insolvency process invoked only to secure payment of individual dues by initiation of CIRP, amounts to misuse of IBC as recovery mechanism: SC (See 'Legal Desk') CCI approves acquisition by MAIF in Maple IM, Maple PM & Maple Trust (See 'Corp Brief') PMLA - Attachment of a residential property upheld where Act itself permits attachment not only of property directly acquired from proceeds of crime, but also of untainted property representing equivalent value where actual proceeds of crime are unavailable or untraceable: HC (See 'Legal Desk') World IP day - Govt announces 3-year fee waiver for sports-related IP registrations (See 'Corp Brief') IBC - If statutory authority, during subsistence of moratorium u/s 14, directs bank to place lien on bank accounts of Corporate Debtor, and bank acts on same, it would amount to execution against Corporate Debtor and is barred by Sec 14: NCLT (See 'Legal Desk') Reining in Misuse of IBC for Recovery (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
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.