The Reserve bank of India (RBI) on Monday said it has imposed a penalty of Rs 20 lakh on the North Eastern/East central Railway Employees' Multi-State Primary Co-operative Bank, Gorakhpur for contravention of certain norms.
In a statement, the Central Bank said the inspection report of the bank based on its financial position as of March 31, 2019, revealed non-adherence of specific directions issued to it under the Supervisory Action Framework, based on which report, a show-cause notice was issued.
The RBI said, ''After considering the bank's reply and oral submissions made during the personal hearing, RBI came to the conclusion that the aforesaid charge of non-adherence/violation of RBI directions was substantiated and warranted imposition of monetary penalty.'' The RBI further that the penalty 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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