RBI imposes Monetary Penalty on 3 Cooperative banks for Non-Compliance with the directions:

RBI imposes Monetary Penalty on 3 Cooperative banks for Non-Compliance with the directions The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 63.55 lakhs on three Cooperative banks for Non-Compliance with the directions of RBI. These Co-operative banks are: The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu Imposed a monetary penalty of Rs. 25,000 on The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - UCBs’ by an order dated October 12, 2023. The Nasik Merchant’s Co-operative Bank Ltd., Nashik In an order dated November 02, 2023, RBI imposed a monetary penalty of Rs. 48.30 lakhs on The Nasik Merchant's Co-operative Bank Ltd., Nashik (the bank) for non-compliance with the RBI's directions on 'Frauds in UCBs: Changes in Monitoring and Reporting Mechanism' and 'Maintenance of Deposit Accounts'. The Mehsana Urban Co-operative Bank Ltd., Mehsana The Mehsana Urban Co-operative Bank Ltd., Mehsana (the bank) has levied with monetary penalty of Rs. 15 lakhs for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’ via an order dated November 03, 2023. This penalty has been imposed in the exercise of powers conferred on the RBI by Section 47-A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949. This action is based on a deficiency 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.