Shimla: Reserve Bank of India has slapped a monetary penalty on Baghat Urban Cooperative Bank, Solan for violations of banking norms.
In a RBI communiquÃ©, DR Pawan, general manager urban banks department RBI Chandigarh, stated that Baghat Urban Coop Bank has been imposed a penalty of Rs 5 lakhs.
Exercising its regulatory powers RBI under provisions of section 47A(1)(B) read with section 4(4) of banking regulation act 1949, the fine has been imposed for violation of instruction and violating RBI guidelines on non-SLR transactions.
A show cause notice was issued to Baghat Urban Coop Bank but after going through the facts and the reply tendered by the urban cooperative bank, RBI concluded that violations stood substantiated which warranted imposition of penalty.
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