RBI imposed Monetary Penalty on 2 Cooperative Bank and 1 Sahakari Bank; Know Reason:

RBI imposed Monetary Penalty on 2 Cooperative Bank and 1 Sahakari Bank; Know Reason The Reserve Bank of India(RBI) has imposed monetary penalty of Rs.3.10 lakh on 2 Cooperative Bank and 1 Sahakari Bank for non-compliance with the directions issued by RBI. RBI has imposed a monetary penalty of Rs.2.00 lakh on The Chiplun Urban Co-operative Bank Ltd., Chiplun, Maharashtra (the bank) for non-compliance with directions issued by RBI on ‘Management of Advances’ and ‘Maintenance of Deposit Accounts’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, by an order dated August 09, 2023. Imposition of monetary penalty of Rs.10,000 on The Shibpur Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. Monetary penalty of Rs.1.00 lakh has been imposed on Vishwanathrao Patil Murgud Sahakari Bank Ltd., Murgud, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. This penalty has been imposed in exercise of powers vested in 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.