Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Jul 18, 2012
Pragati Sahkari Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Pragati Sahkari Bank Ltd., Vadodara, 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 (AACS), for violation of Section 20 and 20A of the B.R. Act, 1949(AACS) regarding (i) director related advances; (ii) grant of unsecured loans beyond the stipulated ceiling and (iii) for not re
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Pragati Sahkari Bank Ltd., Vadodara, 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 (AACS), for violation of Section 20 and 20A of the B.R. Act, 1949(AACS) regarding (i) director related advances; (ii) grant of unsecured loans beyond the stipulated ceiling and (iii) for not re
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Jul 16, 2012
Karad Urban Co-operative Bank Ltd., Karad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Karad Urban Co-operative Bank Ltd., Karad , 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), for violation of instructions/guidelines of the Reserve Bank of India. The bank had violated RBI instructions contained in circular UBD No.RBL.77/J(
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Karad Urban Co-operative Bank Ltd., Karad , 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), for violation of instructions/guidelines of the Reserve Bank of India. The bank had violated RBI instructions contained in circular UBD No.RBL.77/J(
Jun 28, 2012
The Surat People's Co-operative Bank Ltd., Dist. Surat - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat, 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), for violation of RBI directives/instructions regarding (i) establishment/ promotion of trusts, (ii) loans and advances to firms/companie
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat, 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), for violation of RBI directives/instructions regarding (i) establishment/ promotion of trusts, (ii) loans and advances to firms/companie
Jun 27, 2012
The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan - Penalised
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan in exercise of powers vested in it under the provisions of Section 47(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) as also the Section 30(1), read with Section 26(6), of the Payment and Settlement Systems Act, 2007, for repeated violations of Reserve B
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan in exercise of powers vested in it under the provisions of Section 47(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) as also the Section 30(1), read with Section 26(6), of the Payment and Settlement Systems Act, 2007, for repeated violations of Reserve B
Jun 25, 2012
The Dahod Urban Co-operative Bank Ltd., Dist. Dahod - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod, 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 (AACS) for non-reporting/wrong submission of Cash Transaction Reports (CTRs) for cash transactions in excess of `10.00 lakhs to Financial Intelligence Unit-India (FIU-IND), as require
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod, 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 (AACS) for non-reporting/wrong submission of Cash Transaction Reports (CTRs) for cash transactions in excess of `10.00 lakhs to Financial Intelligence Unit-India (FIU-IND), as require
Jun 20, 2012
The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (Gujarat) 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), for violation of Reserve Bank of India instructions relating to Know Your Customer (KYC) norms and Anti Money Launder
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (Gujarat) 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), for violation of Reserve Bank of India instructions relating to Know Your Customer (KYC) norms and Anti Money Launder
Jun 18, 2012
The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar 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 (AACS), for violation of RBI directives related to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from waiver of interest on a loan to an ex
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar 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 (AACS), for violation of RBI directives related to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from waiver of interest on a loan to an ex
Jun 07, 2012
Reserve Bank Cancels the Licence of The Madhavpura Mercantile Co-perative Bank Ltd., Ahmedabad (Gujarat)
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. Th
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. Th
Jun 01, 2012
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Unlicensed District Central Cooperative Banks
The Reserve Bank of India has 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 District Central Co-operative Banks namely the Osmanabad District Central Co-operative Bank Ltd., Osmanabad, the Jalna District Central Co-operative Bank Ltd., Jalna and the Dhule and Nandurbar District Central Co-operative Bank Ltd., D
The Reserve Bank of India has 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 District Central Co-operative Banks namely the Osmanabad District Central Co-operative Bank Ltd., Osmanabad, the Jalna District Central Co-operative Bank Ltd., Jalna and the Dhule and Nandurbar District Central Co-operative Bank Ltd., D
May 29, 2012
Reserve Bank Cancels the Licence of the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha
In view of the fact that the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha had ceased to be solvent and with all efforts to revive it having failed and the depositors being inconvenienced by continued uncertainty, the Reserve Bank of India delivered to the bank the order cancelling its licence after the close of business on May 23, 2012. The Registrar of Co-operative Societies, Government of Odisha has also been requested to issue an order for winding up the ban
In view of the fact that the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha had ceased to be solvent and with all efforts to revive it having failed and the depositors being inconvenienced by continued uncertainty, the Reserve Bank of India delivered to the bank the order cancelling its licence after the close of business on May 23, 2012. The Registrar of Co-operative Societies, Government of Odisha has also been requested to issue an order for winding up the ban
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