RBI imposed Monetary Penalty on 2 Cooperative and 2 Sahakari Bank; Check Name of the Banks

RBI imposed Monetary Penalty on 2 Cooperative and 2 Sahakari Bank; Check Name of the Banks The Reserve Bank of India (RBI) has imposed Monetary Penalty on 2 Cooperative Bank and 2 Sahakari Bank for the contravention of directions issued by RBI. A Monetary penalty of Rs.4.00 lakh (Rupees Four lakh only) on The Rajgurunagar Sahakari Bank Limited, Pune (the bank) for contravention of the directions issued by the Reserve Bank of India (RBI) on Interest Rate on Deposits by an order dated October 14, 2022. Imposition of Monetary Penalty of Rs.2.00 lakh (Rupees Two Lakh only) on The Co-operative Bank of Rajkot Ltd., Rajkot (Gujarat) (the bank) for contravention of sub-section (2) of section 26A of the Banking Regulation Act, 1949 (the Act) read with paragraph 3 of The Depositor Education and Awareness Fund Scheme, 2014 (the scheme) enclosed with Circular on 'The Depositor Education and Awareness Fund Scheme, 2014 - Section 26A of Banking Regulation Act, 1949 - Operational Guidelines' dated May 27, 2014. RBI imposed monetary penalty of Rs.50,000/- (Rupees Fifty Thousand only) on The Gandhidham Mercantile Co-operative Bank Ltd., Gandhidham, Dist. Kutch (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’ and ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’. The Meghraj Nagarik Sahakari Bank Ltd., Aravalli (Gujarat) (the bank) is fined with Rs.25,000/- as monetary penalty for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’. Penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.