The Reserve Bank of India (RBI) has imposed, by an Order dated August 22, 2023, a monetary penalty of ₹5.00 Lakh (Rupees Five Lakh only) on The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, Dist. Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors etc. – directors as surety/guarantors – Clarification’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and specific directions issued by RBI under the Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Municipal Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. 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 Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Ratnagiri Urban Co-operative Bank Ltd., Ratnagiri, Maharashtra (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. 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 Reserve Bank of India (RBI) has imposed, by an order dated August 17, 2023, a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Kolhapur Urban Co-operative Bank Ltd., Kolhapur, Maharashtra (the bank) for non-compliance with directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. 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.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Midnapore People’s Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC) Direction, 2016’. 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 Reserve Bank of India (RBI) has imposed, by an Order dated August 11, 2023, a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on Shree Co-operative Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with direction issued by RBI on ‘Loans and advances to directors, relatives, firms/concerns in which they are interested’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 14, 2023, a monetary penalty of ₹3.00 lakh (Rupees Three Lakh only) on Devika Urban Co-operative Bank Ltd., Udhampur, J & K (the bank) for non-compliance with the directions issued by RBI on sanction of loans and advances to directors, relatives and firms/concerns in which they are interested. 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 Reserve Bank of India (RBI) has imposed, by an order dated August 07, 2023, a monetary penalty of ₹10,000/- (Rupees Ten Thousand only) on The Shibpur Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with directions issued by RBI 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.

The Reserve Bank of India (RBI) has imposed, by an order dated August 07, 2023, a monetary penalty of ₹5.00 lakh (Rupees Five Lakh only) on Baroda Gujarat Gramin Bank, Vadodara (Gujarat) (the bank) for contravention of directions issued by NABARD on ‘Frauds - Guidelines for Classification, reporting and Monitoring of Frauds’. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of Section 47 A (1) (c) read with Sections 46 (4) (i) and 51 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has imposed, by an order dated August 07, 2023, a monetary penalty of ₹2,50,000/- (Rupees Two Lakh Fifty Thousand only) on The Nabapalli Co-operative Bank Ltd., West Bengal (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’ and certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. 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.