RBI imposed Monetary Penalty on 3 Cooperative Bank for non-compliance with RBI directions

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.3 Lakh on 3 Cooperative Banks for non-compliance with RBI directions.

These banks are Patan Co-operative Bank Limited, The Prathamik Shikshak Sahakari Bank Limited, Rajarshi Shahu Sahakari Bank Limited.

RBI imposed a monetary penalty of Rs.1.00 lakh on Patan Co-operative Bank Limited, Mumbai, Maharashtra (the bank) for non-compliance with directions issued by RBI on ‘Reserve Bank of India –Know Your Customer (KYC) Direction, 2016’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

Monetary penalty of Rs.1.00 lakh on The Prathamik Shikshak Sahakari Bank Limited, Satara, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Management of Advances-UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949.

Imposiiton of monetary penalty of Rs.1.00 lakh on Rajarshi Shahu Sahakari Bank Ltd., Pune, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.