RBI imposes monetary penalty on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka

The RBI imposed a ₹25,000/- penalty on Vishwakalyan Sahakara Bank Niyamit, Karnataka, for non-compliance with RBI's exposure norms and statutory restrictions. The penalty, under Banking Regulation Act sections 47A(1)(c), 46(4)(i), and 56, followed an RBI inspection of the bank's March 31, 2022 financials. \r

Despite notice and hearing, the RBI found the bank's failure to adhere to prudential inter-bank exposure limits substantiated. The penalty aims at regulatory compliance and doesn't assess the bank's transactions. It's noted that further RBI actions may follow.