Reserve Bank of India Imposes Monetary Penalty on Three Co-operative Banks Ltd; Check the Reason

Reserve Bank of India Imposes Monetary Penalty on Three Co-operative Banks Ltd; Check the Reason The Reserve Bank of India (RBI) imposed monetary penalties on Three Co-operative Bank for contravention of/ non-compliance with the directions issued by RBI. These banks are The Yashwant Cooperative Bank Limited, Kokan Mercantile Co-operative Bank Ltd. and Samata Cooperative Development Bank Ltd. Press Release are Given Below:

Reserve Bank of India imposes monetary penalty on The Yashwant Cooperative Bank Limited, Phaltan

The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2022, a monetary penalty of ₹2 lakh (Rupees Two lakh only) on The Yashwant Cooperative Bank Limited, Phaltan (the bank) for contravention of/ non-compliance with directions issued by RBI on 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 (the Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. The 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.

Reserve Bank of India imposes monetary penalty on Kokan Mercantile Co-operative Bank Ltd., Mumbai

The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2022, a monetary penalty of ₹2 lakh (Rupees Two lakh only) on Kokan Mercantile Co-operative Bank Ltd., Mumbai (the bank) for contravention of/ non-compliance with directions issued by RBI on Income Recognition, Asset Classification and 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 (the Act), taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI. The 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.

Reserve Bank of India imposes monetary penalty on Samata Cooperative Development Bank Ltd., Kolkata (West Bengal)

The Reserve Bank of India (RBI) has imposed, by an order dated March 22, 2022, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on the Samata Cooperative Development Bank Limited, Kolkata, (West Bengal) (the bank) for contravention of/ non-adherence with the directions issued by RBI to Urban Cooperative Bank on ‘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. To Read Press Release Download PDF Given Below: