Banking Regulation Act penalty imposed for breaches of KYC and related party lending rules and inspection noncompliance
Imposition of a monetary penalty on Vyavasayik Evam Audyogik Sahakari Bank Ltd. under Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (as applicable to co operative societies) for violations including breach of section 20, non compliance with RBI directives on loans against warehouse receipts, credit exposure ceilings, director related loans, donations, KYC/AML deficiencies, and failure to address inspection report findings following a Show Cause Notice and the bank's written reply.