RBI imposes monetary penalty on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat

News Financial services Sanctions & Fines

Date: 18th Nov, 2024 Source: Reserve Bank of India Country: India Original Source

Brief

"On November 18, 2024, the Reserve Bank of India issued an update regarding RBI imposes monetary penalty on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat". The Reserve Bank of India imposed a monetary penalty of ₹1.50 lakh on the bank for non-compliance with directions on 'Maintenance of Cash Reserve Ratio (CRR)' and 'Know Your Customer (KYC) norms'. This action is based on deficiencies in regulatory compliance and does not intend to pronounce upon any transactions or agreements entered into by the bank with its customers.

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Reserve Bank of India

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RBI imposes monetary penalty on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat

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RBI imposes monetary penalty on The Vepar Udhyog Vikas Sahakari Bank Limited, Dist. Dahod, Gujarat

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Reserve Bank of India

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