RBI imposed Rs.7 Lakh Monetary Penalty on 4 Cooperative Bank for non-compliance with RBI Direction

The Reserve Bank of India (RBI) has imposed Rs.7 Lakh Monetary Penalty on 4 Cooperative Bank for non-compliance with RBI Direction.

RBI imposed a monetary penalty of Rs.4.00 lakh on Jijamata Mahila Sahakari Bank Limited, Pune (the bank) for non-compliance with RBI directions on ‘Reserve Bank of India – Know Your Customer (KYC) Direction, 2016’ and ‘Frauds in UCBs: Changes in Monitoring and Reporting Mechanism’.

A monetary penalty of Rs.1.00 lakh imposed on Shri Laxmikrupa Urban Co-operative Bank Limited, Pune (the bank) for non-compliance with RBI directions on ‘Reserve Bank of India – Know Your Customer (KYC) Direction, 2016’.

The Konark Urban Cooperative Bank Ltd., Ulhasnagar (the bank) has been imposed with monetary penalty of Rs.1.00 lakh for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.

Imposition of monetary penalty of Rs.1.00 lakh on The Chembur Nagarik Sahakari Bank Ltd., Mumbai (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.

This penalty was imposed by the RBI in accordance with the requirements of Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act of 1949.

This action is based on regulatory compliance problems and is not intended to call into question the legitimacy of any transaction or agreement entered into by the bank with its clients.