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Brief
"On 28/10/2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on Shri Shiveshwar Nagari Sahakari Bank Limited, Basmatnagar, Hingoli, Maharashtra.
The Reserve Bank of India has imposed a monetary penalty of ₹ 1.00 lakh (Rupees One lakh only) on Shri Shiveshwar Nagari Sahakari Bank Limited, Basmatnagar, Hingoli, Maharashtra for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949.
This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
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