RBI imposed Monetary Penalty on 2 Cooperative Banks; Know Reason:

RBI imposed Monetary Penalty on 2 Cooperative Banks; Know Reason The Reserve Bank of India (RBI) has imposed Monetary Penalty on 2 Cooperative Banks for contravention and non-compliance with the directions issued by RBI. RBI has imposed a monetary penalty of Rs.5.00 lakh (Rupees Five Lakh only) on The Citizens’ Co-operative Bank Limited, Jammu, Jammu and Kashmir (the bank) for contravention of section 35 A and section 36 (1) (a) read with section 56 of the Banking Regulation Act, 1949 by an order dated January 06, 2023. Monetary penalty of Rs.2.00 lakh (Rupees Two Lakh only) imposed on the District Co-operative Bank Limited, Dehradun, Uttarakhand (the bank) by RBI for contravention of provisions of section 20 read with section 56 of the Banking Regulation Act, 1949. 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 specific directions issued by RBI.