Case Brief
What Happened
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Vyavsayik evam Audhyogik Sahakari Bank Limited, Morena, Madhya Pradesh. RBI said the bank had contravened / not complied with its directions on "Exposure Norms and Statutory/Other Restrictions - UCBs". The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, after inspection findings and subsequent show-cause proceedings established the non-compliance.