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Brief
"On "04/11/2024", the "Reserve Bank of India" issued an update regarding "RBI imposes monetary penalty on Sahyog Urban Co-operative Bank Ltd., Udgir, Maharashtra".
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹ 1.50 lakh on Sahyog Urban Co-operative Bank Ltd., Udgir, Maharashtra, for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act).
The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023.
The RBI found that the bank had not transferred the eligible amount to the Depositor Education and Awareness Fund within the prescribed time due to deficiencies in regulatory compliance.
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