The Reserve Bank of India has imposed a monetary penalty of Rs`5.00 lakh (Rupees Five Lakh only) on the Vasantdada Nagari Sahakari Bank Ltd. Osmanabad.
The penalty was under RBI’s powers of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies),
The penalty was necessitated :
01) for violation of the directives / guidelines of the Reserve Bank of India on maximum limit on unsecured advances,
02) sanctioning loans and advances to the firms in which the directors and their relatives were interested and
03) not following the Income Recognition, Asset Classification and Provisioning norms as laid down by Reserve Bank of India, for cooperative societies.
Osmanabad is a municipal council in Osmanabad district in the Indian state of Maharashtra, located in the southern part of Maharshtra.
Located on the banks of the River Manjra, Kallamb is an important commercial centre of this district. Major rivers passing through this district are Terna and Manjara rivers. The district of Osmanabad owes its name to the King of Hyderabad, Nizam Osman Ali.
According to Hindu legend, Lord Rama spent some years of his exile in parts of Osmanabad. Like any ancient town in India, Osmanabad too has its share of annual fairs.
Popular annual fairs held in the region include Tulja Bhavani during Navratri (September-October) and Yermala fair at Kallamb tehsil in January. Saint Goroba fair, Ramlinga fair and Bhairvanath fair are the other popular annual events that are held in the district.
A major attraction of the district is Dharashiv caves that were originally Buddhist but were later onverted into monuments of the Jain religion. Saint Goroba Temple, Naldurg Fort and Paranda Fort are the other attractions in the region.
- When water flows like money (thehindu.com)