10 Aug 2022  |   06:28am IST

RBI imposes penalty of Rs 2.51L on Goa State Co-op Bank

(RBI) has imposed a penalty of Rs 2.51 lakh on The Goa State Co-operative Bank Limited.

Team Herald

PANJIM: The Reserve Bank of India (RBI) has imposed a penalty of Rs 2.51 lakh on The Goa State Co-operative Bank Limited, Panjim for non-compliance with certain sections of the Banking Regulation Act. 

The bank failed to dispose off the non-banking asset within the statutory timeline from the date of its acquisition, the RBI said.

The RBI by an order dated August 1, 2022, imposed a penalty of Rs 2.51 lakh on The Goa State Co-operative Bank Ltd for non-compliance with section 9 read with section 56 of the Banking Regulation Act, 1949.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.