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Team Studycafe | Jun 22, 2022 | Views 2

RBI imposes Monetary Penalty on 2 Sahakari Bank; Check Name of the Bank

RBI imposes Monetary Penalty on 2 Sahakari Bank; Check Name of the Bank

The Reserve Bank of India (RBI) imposed monetary penalties on Two Sahakari Bank for contravention of/ non-compliance with the directions issued by RBI.

These banks are Jila Sahakari Kendriya Bank Maryadit and Pragati Mahila Nagrik Sahakari Bank Maryadit.

Press Release are Given Below:

RBI imposes monetary penalty on Jila Sahakari Kendriya Bank Maryadit, Sidhi (M.P.)

Jila Sahakari Kendriya Bank Maryadit, Sidhi (M.P.) (the bank) was fined 0.75 lakh (Rupees Seventy Five thousand only) by the Reserve Bank of India (RBl) in accordance with an order dated June 16, 2022, for violating or failing to comply with the provisions of the Banking Regulation Act, 1949 (the Act) and Know Your Customer (KYC) guidelines (KYC).

This fine has been levied in accordance with the authority granted to RBI by Sections 47A(1)(c), 46(4)(i), and 56 of the Banking Regulation Act of 1949, 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 Pragati Mahila Nagrik Sahakari Bank Maryadit, Bhilai (C.G)

By order dated June 16, 2022, the Reserve Bank of India (RBl) fined Pragati Mahila Nagrik Sahakari Bank Maryadit, Bhilai, Chhattisgarh (the bank) Rs. 2.00 lakh (Rupees Two lakh only) for breaking or failing to follow the RBI’s directions for Urban Co-operative Banks on Loans and Advances to Directors, etc. – Directors as sureties/guarantors – Clarification and Know Your (KYC).

This fine has been imposed in retaliation for the bank’s failure to follow the aforementioned instructions given by RBI under Section 47A(1)(c) read in conjunction with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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.

For Official Press Release Download PDF Given Below:

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