RBI Imposed Monetary Penalty on 3 Cooperative Banks; Check Reason here

The Reserve Bank of India (RBI) imposed monetary penalties on Three Co-operative Bank for contravention of/ non-compliance with the KYC(Know Your Customers) directions issued by RBI.

These banks are The Moirang Primary Co-operative Bank Ltd., Moirang (Manipur), Tura Urban Co-operative Bank Ltd., Tura (Meghalaya), The Gauhati Co-operative Urban Bank Limited, Guwahati (Assam).

RBI imposes monetary penalty on The Moirang Primary Co-operative Bank Ltd., Moirang (Manipur)

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Moirang Primary Cooperative Bank Ltd., Moirang (the bank), for non-compliance with Know Your Customer (KYC) directions, 2016 issued by RBI, by an order dated July 28, 2022.

The penalty has been imposed in accordance with the authority granted to RBI under Section 47-A (1) (c) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), read with Sections 46 (4) and 56, 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 Tura Urban Co-operative Bank Ltd., Tura (Meghalaya)

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 (Rupees Fifty thousand only) on Tura Urban Cooperative Bank Ltd., Tura (the bank), for non-compliance with Know Your Customer (KYC) directions, 2016 issued by RBI, by an order dated July 28, 2022.

The penalty was imposed in accordance with the authority granted to RBI by Section 47-A (1) (c) read in conjunction with Sections 46 (4) and 56 of the Banking Regulation Act of 1949 (As Applicable to Cooperative Societies), 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 Gauhati Co-operative Urban Bank Limited, Guwahati (Assam)

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 (Rupees Fifty Thousand only) on The Gauhati Co-operative Urban Bank Limited, Guwahati (the bank), for non-compliance with Know Your Customer (KYC) directions, 2016 issued by RBI, by an Order dated July 28, 2022.

Due to the bank’s failure to follow the aforementioned instructions from RBI, the penalty has been imposed in accordance with the authority granted to RBI under Section 47-A (1) (c), read in conjunction with Sections 46 (4) and 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies).

It is not the intention of this action—which is based on regulatory compliance shortcomings—to rule on the legality of any agreements or transactions the bank has with its clients.

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