Based on the same, a notice was issued to the bank asking it "to show cause as to why penalty should not be imposed" for non-compliance with the directions.
After considering the bank's reply, oral submissions made during the personal hearing and additional submission made after the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance were substantiated and warranted imposition of monetary penalty, it said.
The RBI has also imposed penalty of Rs 2 lakh each on The Krishnanagar City Co-operative Bank Limited and The Tura Urban Cooperative Bank Limited for similar contraventions.
In a separate statement, RBI said a penalty of Rs 1 lakh has been slapped on The Co-operative Urban Bank Ltd for contravention of the directions issued by it on 'Exposure Norms and Statutory/Other Restrictions-UCBs'.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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