Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka

RBI imposed a Rs 50,000 penalty on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka. The bank had delayed submission of statutory returns to RBI.

The bank must absorb the monetary penalty and continue complying with RBI reporting requirements, including timely submission of statutory returns. RBI also noted that the penalty is without prejudice to any other action that may be initiated against the bank.

• Section 31 read with Section 56 of the Banking Regulation Act, 1949
• Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949

RBI imposed a penalty of Rs 25,000 on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka. The bank was found non-compliant with RBI exposure norms, especially inter-bank and counterparty exposure limits.

The bank must absorb the monetary penalty; the release does not announce any business restriction, suspension, or cancellation. The order also states that the penalty is without prejudice to any other action RBI may initiate in future.

• section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949