RBI imposes Monetary Penalty on The Co-operative Urban Bank:

RBI imposes Monetary Penalty on The Co-operative Urban Bank The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs.1.50 lakh on The Co-operative Urban Bank Limited, Parlakhemundi (the bank) for non-compliance with the directions issued by RBI on ‘Membership of Credit Information Companies (CICs)’ and ‘Exposure Norms and Statutory/ Other Restrictions - UCBs’ by an order dated December 07, 2023. This penalty was issued in accordance with the authorities delegated to the RBI by Section 25(1)(iii) read in conjunction with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005 (CIC Act) and Section 47A(1)(c) read in conjunction with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 (BR Act). This action is based on regulatory compliance problems and is not intended to call into question the legitimacy of any transaction or agreement entered into by the bank with its clients.