Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Sep 30, 2013
Cancellation of Licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd, Rasayani, District Raigad, Maharastra to carry on banking business
The Reserve Bank of India has notified that the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra has been cancelled vide order dated September 23, 2013 to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of 'banking' as defined in Secti
The Reserve Bank of India has notified that the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra has been cancelled vide order dated September 23, 2013 to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of 'banking' as defined in Secti
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Sep 30, 2013
Reserve Bank Penalises United Commercial Co-operative Bank Limited, Kanpur, Uttar Pradesh
The Reserve Bank of India has, in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (hereinafter referred to as ‘the Act’) imposed a monetary penalty of ` 5.00 lakh (Rupees Five lakh only) on the United Commercial Co-operative Bank Limited, Kanpur, Uttar Pradesh (hereinafter referred to as "the bank") for the following violations: Non-submi
The Reserve Bank of India has, in exercise of powers vested in it under the provisions of Section 47 A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) (hereinafter referred to as ‘the Act’) imposed a monetary penalty of ` 5.00 lakh (Rupees Five lakh only) on the United Commercial Co-operative Bank Limited, Kanpur, Uttar Pradesh (hereinafter referred to as "the bank") for the following violations: Non-submi
Sep 26, 2013
Reserve Bank Cancels the Licence of Kasundia Co-operative Bank Ltd., Howrah (West Bengal)
The Reserve Bank of India has, effective September 6, 2013, cancelled the licence of Kasundia Co-operative Bank Ltd. Howrah (West Bengal) as it had ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty. Consequent to the cancellation of licence, Kasundia Co-operative Bank Ltd. Howrah (West Bengal) is prohibited from carrying on business of ‘banking’ as defined in Section 5(b) of the Banking Regulation Act 1949 (AACS). The Regis
The Reserve Bank of India has, effective September 6, 2013, cancelled the licence of Kasundia Co-operative Bank Ltd. Howrah (West Bengal) as it had ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty. Consequent to the cancellation of licence, Kasundia Co-operative Bank Ltd. Howrah (West Bengal) is prohibited from carrying on business of ‘banking’ as defined in Section 5(b) of the Banking Regulation Act 1949 (AACS). The Regis
Sep 19, 2013
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad, Gujarat
The Reserve Bank of India had issued in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 2, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any l
The Reserve Bank of India had issued in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 2, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any l
Sep 17, 2013
RBI penalises Karjan Nagrik Sahakari Bank Ltd., Karjan Dist.Vadodara (Gujarat)
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees One Lakh only) on the Karjan Nagrik Sahakari Bank Ltd., Karjan Dist. Vadodara (Gujarat) in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of RBI instructions relating to KYC norms. The Reserve Bank of India had issued a Show Cause Notice to the
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees One Lakh only) on the Karjan Nagrik Sahakari Bank Ltd., Karjan Dist. Vadodara (Gujarat) in exercise of the powers vested in it under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of RBI instructions relating to KYC norms. The Reserve Bank of India had issued a Show Cause Notice to the
Sep 17, 2013
RBI cancels Licence of Mahatma Fule Urban Co-operative Bank Ltd., Patoda, Dist. Beed (Maharashtra)
The Reserve Bank of India has, effective August 24, 2013, cancelled the licence of Mahatma Fule Urban Co-operative Bank Ltd, Patoda, Dist. Beed (Maharashtra) as it had ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty. Consequent to the cancellation of its licence, Mahatma Fule Urban Co-operative Bank Ltd., Patoda Dist. Beed (Maharashtra) is prohibited from carrying on business of ‘banking’ as defined in Section 5(b) of the
The Reserve Bank of India has, effective August 24, 2013, cancelled the licence of Mahatma Fule Urban Co-operative Bank Ltd, Patoda, Dist. Beed (Maharashtra) as it had ceased to be solvent and the depositors were being inconvenienced by the continued uncertainty. Consequent to the cancellation of its licence, Mahatma Fule Urban Co-operative Bank Ltd., Patoda Dist. Beed (Maharashtra) is prohibited from carrying on business of ‘banking’ as defined in Section 5(b) of the
Sep 13, 2013
Reserve Bank cancels the licence of The Srikakulam Co-operative Urban Bank Ltd., Srikakulam - Andhra Pradesh
In view of the fact that The Srikakulam Co-operative Urban Bank Ltd., Srikakulam (Andhra Pradesh) had ceased to be solvent, all efforts to revive it had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order, canceling its licence, dated August 23, 2013 to the bank on August 27, 2013. The Registrar of Co-operative Societies, Andhra Pradesh has also been requested to issue an order for winding up the
In view of the fact that The Srikakulam Co-operative Urban Bank Ltd., Srikakulam (Andhra Pradesh) had ceased to be solvent, all efforts to revive it had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order, canceling its licence, dated August 23, 2013 to the bank on August 27, 2013. The Registrar of Co-operative Societies, Andhra Pradesh has also been requested to issue an order for winding up the
Sep 10, 2013
RBI penalises Jamia Cooperative Bank Ltd, 2/9, Surya Complex, Sarai Julena, Okhla Road, New Delhi - 110025
The Reserve Bank of India has imposed a monetary penalty of `2 lakh (` Two lakh ) on Jamia Cooperative Bank Ltd, 2/9, Surya Complex, Sarai Jullena, Okhla Road, New Delhi -110025. The penalty has been imposed on the bank for violation of (i) Know Your Customer (KYC) and Anti Money Laundering (AML) norms insofar as carrying out sufficient customer identification procedures, ascertaining the identification of natural persons behind entities, carrying out enhanced due dil
The Reserve Bank of India has imposed a monetary penalty of `2 lakh (` Two lakh ) on Jamia Cooperative Bank Ltd, 2/9, Surya Complex, Sarai Jullena, Okhla Road, New Delhi -110025. The penalty has been imposed on the bank for violation of (i) Know Your Customer (KYC) and Anti Money Laundering (AML) norms insofar as carrying out sufficient customer identification procedures, ascertaining the identification of natural persons behind entities, carrying out enhanced due dil
Sep 06, 2013
RBI imposes penalty on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat)
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of the Reserve Bank's instructions relating to 'know your customer' (KYC) norms. The Reserve Bank had
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Karjan Nagarik Sahakari Bank Ltd., Karjan, District Vadodara (Gujarat), in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of the Reserve Bank's instructions relating to 'know your customer' (KYC) norms. The Reserve Bank had
Aug 27, 2013
RBI imposes penalty on The Baripada Urban Co-operative Bank Ltd., Baripada
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Baripada Urban Co-operative Bank Ltd., Baripada, in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of the provisions of Section 31 of the Banking Regulation Act, 1949 (AACS) relating to publication/submission of accounts a
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Baripada Urban Co-operative Bank Ltd., Baripada, in exercise of the powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of the provisions of Section 31 of the Banking Regulation Act, 1949 (AACS) relating to publication/submission of accounts a
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