RBI imposes monetary penalty on Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh on Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal for non-compliance with directions issued by RBI on ‘Housing Finance’. The penalty is based on supervisory findings of non-compliance with RBI directions and related correspondence. The bank was found to have breached the exposure limit on Housing Finance. This action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, the imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.