The penalty has been imposed by the Reserve Bank of India on Himachal Pradesh State Cooperative Bank. These penalty is for noncompliance with certain regulatory directions issued by the National Bank for Agriculture and Rural Development.
On Tuesday a certain guidelines was given by the Reserve Bank of India that which were issued by National Bank for Agriculture and Rural Development which contains the guidelines related to monitoring and Reporting System for Reviewing of frauds.
It was explained the Bank’s Financial position which was given by the Inspection Report that it has examined all the related information about the frauds reporting their compliance directions etc.
Himachal Pradesh state Cooperative Bank has issued a notice , after it was considering the Bank’s reply to the notice and oral submission in the personal hearing. RBI said that the notice was warranted imposition of monetary penalty. And the regulatory compliance and which is not intended to pronounce upon the validity of any transaction or agreement entered into banks with its customers.
These penalty has been imposed for non compliance with regulatory directions issued by National Bank for Agriculture and Rural Development.