RBI imposes monetary penalty on The Satara Sahakari Bank Limited, Mumbai
This penalty has been imposed in the exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
The Reserve Bank of India (RBI) has, by an order dated April 29, 2024, imposed a monetary penalty of Rs 2.00 lakh (Rupees Two lakh only) on The Satara Sahakari Bank Limited, Mumbai, Maharashtra for non-compliance with certain provisions of section 12(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act) and directions issued by RBI on 'Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)'.
This penalty has been imposed in the exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
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This action is based on the 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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