RBI Imposed Monetary Penalty on 2 Sahakari and 1 Cooperative Banks; Check Reason

The Reserve Bank of India (RBI) imposed monetary penalties on 2 Sahakari and 1 Cooperative Banks for contravention of/ non-compliance with the directions issued by RBI.

These Banks are Dombivli Nagari Sahakari Bank Ltd., Dombivli, Jila Sahakari Kendriya Bank Maryadit, Rajnandgaon (C.G.) and The United Puri-Nimapara Central Co-operative Bank Ltd., Puri, Odisha.

The Press Release are Given Below:

RBI imposes monetary penalty on Dombivli Nagari Sahakari Bank Ltd., Dombivli

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹45.00 lakh (Rupees forty-five lakh only) on Dombivli Nagari Sahakari Bank Ltd., Dombivli (the bank) for non-compliance with the directions issued by RBI on ‘Frauds monitoring and reporting mechanism’ and ‘Maintenance of Deposit Accounts’ by an order dated July 20, 2022.

This fine has been levied in accordance with the authority granted to RBI under Sections 46(4)(i) and 56 of the Banking Regulation Act of 1949 (BR Act), taking into account the bank’s failure to follow the aforementioned instructions from RBI.

This action is based on a lack of regulatory compliance and is not meant to invalidate any agreements or transactions made by the bank with its clients.

RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Rajnandgaon (C.G.)

The Reserve Bank of India (RBl) has imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Jila Sahakari Kendriya Bank Maryadit, Rajnandgaon (C.G.) (the bank) for contravention of/ non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and directions issued by the Reserve Bank of India (RBI) on Know Your Customer (KYC) by an order dated July 22, 2022.

This penalty has been imposed in accordance with the authority granted to RBI by Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act of 1949 (AACS), taking into account the bank’s failure to follow the aforementioned instructions from RBI.

This action is based on regulatory compliance issues, and it is not meant to rule on the legality of any agreements or transactions the bank has with its clients.

RBI imposes monetary penalty on The United Puri-Nimapara Central Co-operative Bank Ltd., Puri, Odisha

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The United Puri-Nimapara Central Co-operative Bank Ltd., (the bank) for contravention of/ non-compliance with the directions issued by RBI on Know Your Customer (KYC) , by an order dated July 21, 2022.

This fine has been imposed in retaliation for the bank’s failure to follow the aforementioned instructions given by RBI under Section 47A (1)(c) read in conjunction with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949.

This action is based on regulatory compliance issues, and it is not meant to rule on the legality of any agreements or transactions the bank has with its clients.

For Official Press Release Download PDF Given Below: