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RBI slaps Rs 5-lakh fine on Sabarkantha co-op bank

The Reserve Bank of India has penalised a co-operative bank in Sabarkantha district for violating its instructions relating to declaration or disbursal of dividend to the shareholders.

Written by Express News Service | Ahmedabad | Published: September 25, 2012 5:58:27 am

The Reserve Bank of India has penalised a co-operative bank in Sabarkantha district for violating its instructions relating to declaration or disbursal of dividend to the shareholders. RBI has imposed a penalty of Rs 5 lakh on The Talod Nagarik Sahakari Bank Ltd.

Earlier,the RBI had issued a showcause notice to the bank,following which the latter submitted a written reply. “After considering the facts of the case,the bank’s reply and also personal submissions in the matter,RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty,” said a statement issued by the bank on Monday.

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