Penalty Imposed on the United India Co-operative Bank



The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 lakh on the United India Co-operative Bank Limited, Nagina, in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949

Penalty has been imposed, taking into account the failure of the bank to adhere to the directions issued by RBI.

However, this action is based on deficiencies 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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