NAKODAR
The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 lakh on the Nakodar Hindu Urban Cooperative Bank Ltd.
A review report of the Supervisory Action Framework, submitted by the bank revealed that it had offered interest rates on deposits for various duration higher than that offered by the SBI in non-compliance with the SAF directions. Based on the report a notice was issued to the bank and action was taken.