penalty on Vasai Sahakari Bank

RBI has levied a fine of Rs.9 million on Vasai Vikas Sahakari Bank Limited for non-compliance with the directions issued by RBI on “Management of Advances – UCBs”, “Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs”, with the specific directions issued to the bank vide RBI’s letter dated November 22, 2018 and with the provisions of section 31 read with section 56 of the Banking Regulation Act, 1949 (the Act).

From this it is not clear what exactly is the nature of non compliances or violations for which the RBI has levied the penalty. It would be better if RBI uploaded the entire adjudication order on the site just like SEBI does in case of non compliance or violations of the various SEBI regulations. This is not helping at all.

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