RBI imposes Rs 1 lakh fine on Shri Dadasaheb Gajmal Co-operative Bank
16/08/2016 15:24
The Reserve Bank of India has slapped a penalty of Rs 1 lakh on Shri Dadasaheb Gajmal Co-operative Bank Ltd., Pachora, Jalgaon.
“RBI has imposed a monetary penalty of Rs 1 lakh on Shri Dadasaheb Gajmal Co-operative Bank Ltd., Pachora, Dist Jalgaon for violation of the instructions / guidelines of the Reserve Bank of India relating to creation of floating charge on its assets without the prior permission of the Reserve Bank of India,” the central bank said in a notification.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
16/08/2016 15:24
“RBI has imposed a monetary penalty of Rs 1 lakh on Shri Dadasaheb Gajmal Co-operative Bank Ltd., Pachora, Dist Jalgaon for violation of the instructions / guidelines of the Reserve Bank of India relating to creation of floating charge on its assets without the prior permission of the Reserve Bank of India,” the central bank said in a notification.
The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank submitted a written reply and also made oral submissions thereon.
After considering the facts of the case and the bank’s reply in the matter, the Reserve Bank came to the conclusion that the violation was substantiated and warranted imposition of the penalty.
