RBI imposed Monetary penalty on 3 Cooperative Banks and Sahakari Bank; Know Reason:

RBI imposed Monetary penalty on 3 Cooperative Banks and Sahakari Bank; Know Reason The Reserve Bank of India(RBI) has imposed Monetary Penalty of Rs.4,20,000 on 3 Cooperative Banks and Sahakari Bank for non-compliance with directions issued by RBI. These banks are Urban Co-operative Bank Ltd.(Vita, Maharashtra), Mizoram Urban Cooperative Development Bank Limited (Aizawl), Shreeji Bhatia Cooperative Bank Ltd.(Mumbai, Maharashtra), Shri Vinayak Sahakari Bank Ltd. (Ahmedabad, Gujarat). RBI has imposed a monetary penalty of Rs.1.50 lakh on Vita Urban Co-operative Bank Ltd., Vita, Maharashtra (the bank) for contravention of provisions of Section 26-A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and directions issued by RBI on ‘Maintenance of Deposit Accounts’, by an order dated July 03, 2023. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act. Imposition of monetary penalty of Rs.20,000 on Mizoram Urban Cooperative Development Bank Limited, Aizawl (the bank) for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF) and certain provision of ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’. This 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. Monetary penalty of Rs.1.00 lakh levied on on Shreeji Bhatia Cooperative Bank Ltd., Mumbai (the bank) for non-compliance with specific directions issued by RBI under the Supervisory Action Framework (SAF) and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 (BR Act). While, Shri Vinayak Sahakari Bank Ltd, Ahmedabad (Gujarat) (the bank) has levied with monetary penalty of Rs.1.50 lakh for contravention of direction issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.