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Team Studycafe | Sep 6, 2022 | Views 5789

RBI Imposed Monetary Penalty on 4 Cooperative Bank and 1 Sahakari Bank Ltd.

RBI Imposed Monetary Penalty on 4 Cooperative Bank and 1 Sahakari Bank Ltd.

The Reserve Bank of India(RBI) has imposed monetary penalty on 4 Cooperative Bank and 1 Sahakari Bank Ltd. for contravention of/ non-compliance with the directions issued by RBI.

RBI has imposed a monetary penalty of Rs.25.00 lakh (Rupees Twenty-Five Lakh only) on The Karnataka State Co-operative Apex Bank Ltd., Bengaluru (the bank) for non-compliance with directions issued by the Reserve Bank of India (RBI) on “Housing Finance”.

Monetary penalty of Rs.2.00 lakh (Rupees Two lakh only) imposed on The Nicholson Co-operative Town Bank Ltd., (No.8), Thanjavur District, Tamil Nadu (the bank) for non-adherence / violation of directions issued under Exposure Norms and Statutory / Other Restrictions – UCBs.

The Urban Co-operative Bank Ltd., Rourkela (the bank) fined with Rs.10000 (Rupees Ten thousand only) as monetary penalty for contravention of/ non-compliance with the directions issued by RBI on the Depositor Education and Awareness Fund.

Imposition of Monetary Penalty of Rs.5.00 lakh (Rupees Five Lakh only) on the Rani Laxmibai Urban Co-operative Bank Ltd., Jhansi, Uttar Pradesh (the bank) for contravention of section 35A, section 36 (1) (a) read with section 56 of the Banking Regulation Act, 1949 as the bank failed to adhere to specific directions issued to it by RBI under Supervisory Action Framework (SAF).

While, Monetary penalty of Rs.15.00 lakh (Rupees Fifteen Lakh only) on Thane Bharat Sahakari Bank Limited, Thane, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’ imposed by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

For Official Press Release Download PDF Given Below.

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