......In the 2010-11 fiscal, according to the annual report, it is pertinent to note that the company was imposed a penalty of Rs5 lakh, for non-compliance of Reserve Bank of India (RBI) directions issued u/s 35A of the Banking Regulation Act, 1949 (The Act). According to Section 35A of the Act, it gives RBI the powers to give directions to a bank, in the interest of depositors and to safeguard their interests. Furthermore several deviations were noted in the annual report and stated in verbatim, below:
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