The Reserve Bank of India (RBI) slapped a monetary fine of ₹1 lakh on Vijapur Nagarik Sahakari Bank Ltd which is based in Mehsana, Gujarat for violating the prescribed norms. The penalty has been imposed after checking the financials of the bank as on March 31, 2023.
During one of the regular checks that the RBI conducted, it was established that the bank had infringed on several compliance measures. The list included inter-bank exposure limiting regulation as well as the failure to hold adequate reporting & CDD measures before opening accounts.
The RBI, however, noted that Such fines do not in any way impair the legality of transactions conducted by the bank with its customers. It is a reminder that the Reserve Bank of India will remain vigilant on disciplining the banks and enhancing protection for the depositors.
Tomorrow 18th Nov is celebrated as National Princess Day!
As stated in Bhagavad Gita :
सर्वेऽपि सन्तु सुखिनः सर्वे सन्तु निरामयाः।
सर्वे भद्राणि पश्यन्तु मा कश्चिद्दुःखभाग्भवेत्।
May all be happy; may all be free from disease. May all experience the sensation of auspiciousness. May no one suffer in any way.
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