RBI penalises Nashik-based bank by Rs 1-lakh

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Posted: 2008-07-08 15:58:48+05:30 IST
Updated: Jul 08, 2008 at 1732 hrs IST

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The Reserve Bank of India has imposed a penalty of Rs 1 lakh on the Nashik-based Nasik Zilla Sarkari & Parisad Karmachari Sahakari Bank for violating its directives under the Banking Regulations Act, 1949.

The Bank had declared and paid dividend at the rate of five per cent without the RBI's approval, an RBI release said.

Prior to imposing the monetary penalty, the RBI had issued a show-cause notice to the errant bank.

In response, the Bank submitted a written explanation. Based on the reply, the RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty, the release added.

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RBI penalises Nashik-based bank by Rs 1-lakh

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