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Brief
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 on The Gulbarga and Yadgir District Co-operative Central Bank Ltd., Karnataka for non-compliance with NABARD’s directives regarding the Offsite Surveillance System (OSS) and timely submission of regulatory returns. The penalty follows an inspection by NABARD based on the bank’s financial position as of March 31, 2023, which revealed that the bank failed to submit statutory returns within the prescribed timeline.
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