RBI imposes Rs 5-lakh penalty on Baramati Sahakari Bank

MUMBAI: The Reserve Bank on Monday imposed a penalty of Rs 5 lakh on Maharashtra-based Baramati Sahakari Bank Ltd for violation of directive on investments in non-SLR bonds.

The apex bank has issued a show-cause notice to the Baramati Sahakari Bank responding to which the latter had submitted a written reply.

"Based on the reply, the Reserve Bank of India came to the conclusion that the violation was substantiated and warranted imposition of penalty," an RBI release said.