RBI Imposed Monetary Penalty on Cooperative Banks and Sahkari Bank; Check Name of the Banks

RBI Imposed Monetary Penalty on Cooperative Banks and Sahkari Bank; Check Name of the Banks The Reserve Bank of India (RBI) has imposed monetary penalty on Nine Cooperative Banks and One Sahkari Bank for contravention of/ non-compliance with the directions issued by RBI. RBI has imposed a monetary penalty of Rs.0.25 lakh (Rupees Twenty Five Thousand only) on The Talod Nagarik Sahakari Bank Ltd., Sabarkantha (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors etc.- directors as surety/guarantors- Clarification’, by an order dated September 22, 2022. Monetary penalty of Rs.1.00 lakh (Rupees one lakh only) has imposed on The Varachha Co-operative Bank Ltd., Surat (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors etc.- directors as surety/guarantors- Clarification-UCBs’ by an Order dated September 16, 2022. Imposition of Monetary Penalty on Shree Parswanath Co-operative Bank Ltd., Rajkot (Gujarat) (the bank) of Rs.0.25 lakh (Rupees Twenty Five thousand only) for contravention of directions issued by RBI on ‘Loans and advances to directors etc.- directors as surety/guarantors- Clarification-UCBs’. Rs.0.25 lakh (Rupees Twenty Five Thousand only) Monetary penalty imposed on Shree Botad Mercantile Co-operative Bank Ltd., Botad (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors etc.- directors as surety/guarantors- Clarification’. The Balitikuri Cooperative Bank Ltd., Balitikuri, West Bengal (the bank) was imposed monetary penalty of Rs.1.00 lakh (Rupees One lakh only) for contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC). Jalgaon People’s Co-operative Bank Ltd., Jalgaon, Maharashtra (the bank) was fined with Rs.50.00 lakh (Rupees Fifty Lakh only) as monetary penalty for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’ (IRAC norms), Andaman & Nicobar State Co-operative Bank Ltd. (the bank) for contravention of/non-compliance with the provisions of Section 20 read with Section 56 of BR Act, 1949 (AACS) is levied by monetary penalty of Rs.5.00 lakh (Rupees Five lakh only). For contravention of/ non-adherence with the directions issued by RBI to Urban Cooperative Bank on (i) “Exposure Norms and Statutory / Other Restrictions – UCBs” and (ii) “Management of Advances – UCBs” Bhatpara-Naihati Cooperative Bank Ltd., North 24 Parganas, West Bengal (the bank) fined with a monetary penalty of Rs.4.00 lakh (Rupees four lakh only). Via order dated September 22, 2022, a monetary penalty of Rs.10,000 (Rupees Ten thousand only) on Budge Budge Nangi Cooperative Bank Ltd., Budge Budge, West Bengal (the bank) for contravention of/ non-compliance with the directions issued by RBI to Urban Cooperative Banks on “Exposure Norms and Statutory / Other Restrictions – UCBs”. RBI also has imposed monetary penalty of Rs.10,000/- (Rupees Ten thousand only) on The Urban Co-operative Bank Ltd., Cuttack, Odisha (the bank) for contravention of/ non-compliance with the directions issued by RBI on the Depositor Education and Awareness Fund.