RBI (Reserve Bank of India) has imposed 1 lakh penalty on Priyadarshini Mahila Nagari Sahakari Bank of Maharashtra because of violation of some rules and directions under the Supervisory Action Framework.
The inspection report of the bank based on its financial position as on March 31, 2019, revealed, inter alia, non-adherence/ violation of specific directions issued to the bank by the RBI under SAF, the central bank said in a release.
Later on a notice was issued to the back and questioned the bank that why the penalty should not be imposed for non-compliance with the directions.
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