The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs 5.00 lakh on Vyavasayik Sahakari Bank Maryadit, Raipur for non-compliance with directions issued by RBI on opening of On-site ATM and Know Your Customer (KYC).
Further, for the same cause, a monetary penalty of Rs 2.00 lakh has been imposed on Maharashtra Nagari Sahakari Bank Maryadit, Latur.
The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
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