RBI Imposed Monetary Penalty on 6 Cooperative Banks and 2 Shahkari Bank; Check Name of the Banks

RBI Imposed Monetary Penalty on 6 Cooperative Banks and 2 Shahkari Bank; Check Name of the Banks

Reetu | Aug 9, 2022 |

RBI Imposed Monetary Penalty on 6 Cooperative Banks and 2 Shahkari Bank; Check Name of the Banks

RBI Imposed Monetary Penalty on 6 Cooperative Banks and 2 Shahkari Bank; Check Name of the Banks

The Reserve Bank of India(RBI) has imposed monetary penalty on 6 Cooperative Banks and 2 Shahkari Bank for contravention of/ non-compliance with the directions issued by RBI.

These Banks are The Goa State Co-operative Bank Ltd., Garha Co-operative Bank Limited, The Yavatmal Urban Co-operative Bank Limited, Warud Urban Co-operative Bank Ltd., Indapur Urban Cooperative Bank Ltd., The Mehsana Urban Co-operative Bank Ltd., Chhattisgarh Rajya Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit.

RBI has imposed a monetary penalty of ₹2.51 lakh (Rupees Two Lakh and Fifty One Thousand only) on The Goa State Co-operative Bank Ltd., Panaji (the bank) for non-compliance with section 9 read with section 56 of the Banking Regulation Act, 1949 (the Act). This penalty has been imposed in exercise of powers vested in RBI conferred under section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Act.

Monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Garha Co-operative Bank Limited, Guna (M.P.) (the bank) for contravention of/non-compliance with the directions issued by RBI to Urban Cooperative Banks on Income Recognition and Asset Classification (IRAC) by Reserve Bank of India.

Rs.3.50 lakh monetary penalty imposed on The Yavatmal Urban Co-operative Bank Limited, Yavatmal (Maharashtra) (the bank) for contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Know Your Customer (KYC).

Warud Urban Co-operative Bank Ltd., Warud, Maharashtra (the bank) was imposed monetary penalty of Rs.1.00 lakh (Rupees One lakh only) for for contravention of/non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/Other Restrictions and Know Your Customer (KYC) by RBI.

Imposition of Monetary penalty on Indapur Urban Cooperative Bank Ltd., Indapur, Maharashtra of Rs.7.00 lakh (Rupees Seven lakh only) for contravention of the directions issued by RBI on Exposure Norms and Statutory/Other Restrictions – UCBs.

The Mehsana Urban Co-operative Bank Ltd., Mehsana, Gujarat (the bank) fined with Rs.40.00 lakh (Rupees forty lakh only) as monetary penalty for non-compliance with certain provisions of the Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016.

Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ is levied by monetary penalty of Rs.25.00 lakh.

RBl also has imposed monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Jila Sahakari Kendriya Bank Maryadit, Chhindwara (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).

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 the aforesaid directions issued 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.

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