Bangalore : The Reserve Bank of India has imposed a monetary penalty of Rs five lakh on Udupi-based Teachers'' Co-operative Bank Limited for violation of its directives on collection of third party account payee cheques. A show-cause notice had been issued to the bank, which had submitted its written reply in response, the RBI said in a statement. Subsequently a personal hearing was also granted. Based on the reply and the action taken by the bank in this regard, the RBI came to the conclusion that the violation was substantiated and warranted imposition of penalty, the statement said.
MSN News
No comments:
Post a Comment