RBI imposes Rs 90 lakh penalty on Vasai Vikas Sahakari Bank
In a statement, the Reserve Bank said the bank had not complied with its directions on ensuring end-use of funds in borrowal accounts and classification of loans/ advances as non-performing assets, specific direction of RBI for ensuring that the bank's balance sheet and profit and loss account are signed by at least three of its directors
The penalty was imposed after considering the bank's replies to a show-cause notice and oral submissions made during the personal hearing, the RBI said. Source: Reuters