The Reserve Bank of India (RBl) has imposed a monetary penalty of Rs. 50,000/- (Rupees Fifty Thousand only) on Saibaba Nagari Sahakari Bank Maryadit, Sailu, Maharashtra for non-compliance with certain directions issued by RBI on Know Your Customer (KYC).
 |
| RBI Imposes Rs 50,000 Penalty on Saibaba Nagari Sahakari Bank |
RBI Imposes ₹50,000 Penalty on Saibaba Nagari Sahakari Bank
The Reserve Bank of India (RBl) has imposed a monetary penalty of ₹50,000/- on Saibaba Nagari Sahakari Bank Maryadit, Sailu, Maharashtra for non-compliance with certain directions issued by RBI on Know Your Customer (KYC).
Read Also: RBI Imposes Rs 1 lakh Penalty on Hyderabad District Co-operative Central Bank
This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Apart from this, the Reserve Bank of India (RBI) has imposed a monetary penalty of ₹14.30 lakh on Shree Kadi Nagarik Sahakari Bank Limited District Mehsana, Gujarat.
RBI Imposes Penalty on Saibaba Nagari Sahakari Bank: Background
The statutory inspection of the bank was conducted by the RBI with reference to its financial position as on March 31, 2024.
RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:
- The bank had failed to upload the KYC records of certain customers onto the Central KYC Records Registry (CKYCR) within the prescribed time.
- The bank had failed to carry out periodic updation of KYC of certain customers as per the prescribed periodicity.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.
About Saibaba Nagari Sahakari Bank
The Saibaba Nagari Sahakari Bank Ltd, Selu was established in the year 1985 by founder member Adalkar Hemantrao Murlidharrao with the noble aim of taking the bank and banking to the common people by adopting the principle of cooperation in banking and the same purpose has been fulfilled upto a great extent and now bank is developing as a large.
Mission of Saibaba Nagari Sahakari Bank
Mission of Sai Baba Nagari Sahakari Bank dedicated to customer delight and inclusive growth by leveraging technology with an empowered and committed workforce.
Vision of Saibaba Nagari Sahakari Bank
Vision of Saibaba Nagari Sahakari Bank to be the most preferred and trusted bank.
Reserve Bank of India (RBI)
The Reserve Bank of India was established on April 1, 1935 according to the provisions of the Reserve Bank of India Act, 1934. The headquarters of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937.
Read Also: RBI signs Currency Swap Agreement with Maldives Monetary Authority
Initially the bank was privately owned, but since nationalization in 1949 it is fully owned by the Government of India.
Governor of RBI
The current Governor of the Reserve Bank of India is Sanjay Malhotra. He replaced Shaktikanta Das as the governor.
Deputy Governor of RBI
The 4 Deputy Governors are appointed in the Reserve Bank of India (RBI), who are as follows.
- M. Rajeshwar Rao
- T. Rabi Sankar
- Swaminathan J
- Dr Poonam Gupta
Read Also: RBI appoints Aviral Jain as new Executive Director
Static Current Affairs related to RBI for upcoming exams
- Establishment: 1 April 1935
- Headquarters: Mumbai, Maharashtra
- Governor: Sanjay Malhotra
- Deputy Governor: Swaminathan J, M. Rajeshwar Rao, T. Rabi Sankar and Poonam Gupta
- Ownership: Ministry of Finance , Government of India
Static Current Affairs related to Saibaba Nagari Sahakari Bank for upcoming exams
- Formation: 1985
- Vice-President: Mulavekar Chandrashekar Digamberrao
0 Comments