Reetu | Mar 8, 2022 |
Reserve Bank of India Imposes Monetary Penalty on Eight Co-operative and One Private Ltd. Bank
The Reserve Bank of India (RBI) imposed monetary penalties on Eight Co-operative and One Private Ltd. Bank for contravention of/ non-compliance with the directions issued by RBI.
These banks are LivQuik Technology (India) Private Limited, SBPP Co-operative Bank Limited, Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Agrasen Co-operative Urban Bank Ltd., The Krishna District Cooperative Central Bank Ltd., The Nilambur Co-operative Urban Bank Ltd., The People’s Urban Co-operative Bank Ltd., The Tadpatri Cooperative Town Bank Ltd., The Tiruvannamalai Co-operative Urban Bank Ltd.
Press Release are Given Below:
The Reserve Bank of India (RBI) has imposed monetary penalty of ₹14,83,000/- (Rupees fourteen lakh eighty three thousand only) on LivQuik Technology (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Direction on Issuance and Operation of Prepaid Payment Instruments dated October 11, 2017 (updated as on November 17, 2020).
The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007. 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 entity with its customers.
The Reserve Bank of India (RBI) has, by an order dated March 02, 2022, imposed a monetary penalty of ₹48.00 lakh (Rupees forty-eight lakh only) on SBPP Co-operative Bank Limited, Killa Pardi, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Know Your Customer (KYC)’. 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 Banking Regulation Act, 1949 (BR Act), taking into account failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on 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.
The Reserve Bank of India (RBI) has, by an order dated March 04, 2022, imposed a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Vadodara (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’, and non-compliance with specific directions dated December 07, 2017 issued by RBI under the Supervisory Action Framework (SAF). 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 04, 2022, a monetary penalty of ₹12.00 lakh (Rupees twelve lakh only) on The Agrasen Co-operative Urban Bank Ltd., Hyderabad, Telangana (the bank) for non-adherence / violation of directions issued on ‘Income Recognition, Asset Classification, Provisioning’ and ‘Exposure norms/ Statutory / Other Restrictions-UCBs.’ 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 2, 2022, a monetary penalty of ₹2 lakh (Rupees two lakh only) on The Krishna District Cooperative Central Bank Ltd., Machilipatnam, Krishna District, Andhra Pradesh (the bank) for non-adherence / violation of certain directions issued by RBI contained in the Circular on ‘Income Recognition, Asset Classification and Provisioning’ and NABARD circular on ‘Frauds-Guidelines for classification, reporting and monitoring of Frauds’. 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 01, 2022, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The Nilambur Co-operative Urban Bank Ltd., No.F 1043, Nilambur, Malappuram District, Kerala (the bank) for contravention of/ non-compliance with the directions issued by RBI on “Income Recognition and Asset Classification” and on “Management of Advances – UCBs”. The penalty has been imposed on the bank 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 (AACS) taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.
This action is based on the 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 04, 2022, a monetary penalty of ₹5.00 lakh (Rupees five lakh only) on The People’s Urban Co-operative Bank Ltd., Tripunithura, Ernakulam, Kerala (the bank) for non-adherence / violation of directions issued under Income Recognition, Asset Classification, Provisioning and Other related Matters-UCBs. 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 01, 2022, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Tadpatri Cooperative Town Bank Ltd., Anantapur District, Andhra Pradesh (the bank) for non-adherence / violation of directions issued on i) prohibition of loans and advances to Directors and their relatives and the firms / concerns in which they were interested ii) Income Recognition, Asset Classification, Provisioning and Other related Matter-UCBs. 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.
The Reserve Bank of India (RBI) has imposed, by an order dated March 01, 2022, a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Tiruvannamalai Co-operative Urban Bank Ltd (No.C0-570), Thiruvannamalai, Tamil Nadu (the bank) for non-adherence / violation of directions issued under Exposure Norms and Statutory / Other Restrictions – UCBs. 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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