Guwahati, Nov 5: The Reserve Bank of India (RBI) has imposed a monetary penalty of 1 lakh on Tura Urban Co-operative Bank Ltd., Tura, Meghalaya for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF).
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 Banking Regulation Act, 1949. The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023.
Based on supervisory findings of noncompliance with RBI directions issued under SAF and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. “After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty” the bank said in a statement.
The RBI said the bank had:
i) incurred capital expenditure exceeding ₹25,000/- per year without prior approval of RBI in non-adherence to directions issued under SAF; and
ii) sanctioned fresh loans in excess of the exposure limit prescribed under SAF.
“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” it said. It said further imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
Also Read:Â Tura zone set for final group stage match in MSL 2024, free entry for fans
Also Watch
Find latest news from every corner of Northeast India at hubnetwork.in, your online source for breaking news, video coverage.
Also, Follow us on-
Twitter-twitter.com/nemediahub
Youtube channel-Â www.youtube.com/@NortheastMediaHub2020
Instagram-Â www.instagram.com/ne_media_hub
Download our app from playstore – Northeast Media Hub
 has imposed a monetary penalty of 1 lakh on Tura Urban Co-operative Bank Ltd., Tura, Meghalaya for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF).){kind=link}