RBI imposed Monetary Penalty on 2 Cooperative Banks; Check Why?:

RBI imposed Monetary Penalty on 2 Cooperative Banks; Check Why? The Reserve Bank of India (RBI) has imposed monetary penalty on 2 Cooperative bank for non compliance with RBI Directions. RBI has imposed a monetary penalty of Rs1.10 lakh (Rupees One lakh Ten thousand only) on Kolkata Police Co-operative Bank Ltd., Kolkata, West Bengal (the bank) for contravention of/ non-adherence with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. 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, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. Monetary penalty of Rs.2.10 lakh (Rupees two lakh ten thousand only) imposed on Mehsana District Central Co-operative Bank Ltd., Mehsana (Gujarat) (the bank) for contravention of/non-compliance with certain provisions of directions issued by RBI contained in the Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016, and RBI directions on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under section 47A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949 and section 25 (1) (iii) read with section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.