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Press Releases
Mar 29, 2012
Reserve Bank of India penalises The Siddhi Co-operative Bank Ltd., Ahmedabad.
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on The Siddhi Co-operative Bank Ltd., Ahmedabad, for violation of RBI instructions/ directions relating to non disclosure of penalty levied in its balance sheet and inordinate delay in reporting of Securities Transaction Reports (
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on The Siddhi Co-operative Bank Ltd., Ahmedabad, for violation of RBI instructions/ directions relating to non disclosure of penalty levied in its balance sheet and inordinate delay in reporting of Securities Transaction Reports (
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Mar 29, 2012
Sulaimani Co-operative Bank Limited, Vadodara (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the Sulaimani Co-operative Bank Limited, Vadodara (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 operational instructions imposed on the bank by RBI, non-adherence to exposure ceiling prescribed for unsecured adv
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the Sulaimani Co-operative Bank Limited, Vadodara (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 operational instructions imposed on the bank by RBI, non-adherence to exposure ceiling prescribed for unsecured adv
Mar 28, 2012
The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (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's instructions relating to Section 20A of B.R. Act, 1949 and Anti Money Laundering (AM
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (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's instructions relating to Section 20A of B.R. Act, 1949 and Anti Money Laundering (AM
Mar 28, 2012
Reserve Bank Cancels the Licence of The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra)
In view of the fact that The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India [RBI] delivered the order cancelling its licence to the bank and the same is effective from the close of business as on March 22, 2012. The Registrar of
In view of the fact that The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India [RBI] delivered the order cancelling its licence to the bank and the same is effective from the close of business as on March 22, 2012. The Registrar of
Mar 15, 2012
The United Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The United Co-operative Bank Ltd., Ahmedabad, 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's instructions on Know your customer (KYC) norms, share linking norms, individual exposure ceiling, uns
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The United Co-operative Bank Ltd., Ahmedabad, 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's instructions on Know your customer (KYC) norms, share linking norms, individual exposure ceiling, uns
Mar 12, 2012
Reserve Bank Cancels the Licence of Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (Maharashtra)
In view of the fact that Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank with effect from the close of business on March 5, 2012. The Registrar of Co-operative Societies, Maharasht
In view of the fact that Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank with effect from the close of business on March 5, 2012. The Registrar of Co-operative Societies, Maharasht
Feb 06, 2012
Manappuram Finance Limited, Thrissur cannot accept/renew Public Deposits : RBI
The Reserve Bank of India today advised that Manappuram Finance Limited, Thrissur, Kerala (earlier known as Manappuram General Finance and Leasing Ltd.), is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public. The Reserve Bank has stated that acceptance of deposits either by Manappuram Finance Limited or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who depo
The Reserve Bank of India today advised that Manappuram Finance Limited, Thrissur, Kerala (earlier known as Manappuram General Finance and Leasing Ltd.), is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public. The Reserve Bank has stated that acceptance of deposits either by Manappuram Finance Limited or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who depo
Jan 12, 2012
The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (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's instructions relating to Know Your Customers (KYC) norms. The Reserve Bank o
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (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's instructions relating to Know Your Customers (KYC) norms. The Reserve Bank o
Jan 06, 2012
Reserve Bank Cancels the Licence of Veershaiva Co-operative Bank Ltd., Mumbai (Maharashtra)
In view of the fact that Veershaiva Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on December 30, 2011. The Registrar of Co-operative Societies, Maharashtra has also been re
In view of the fact that Veershaiva Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on December 30, 2011. The Registrar of Co-operative Societies, Maharashtra has also been re
Jan 06, 2012
The Rajkot Nagrik Sahakari Bank Ltd., Rajkot - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Rajkot Nagrik Sahakari Bank Ltd., Rajkot, 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 doing activities akin to travel agent, letting out its premises to shops, doll museum etc., not adhering to clean note policy and not preparing the balance sheet in the format me
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Rajkot Nagrik Sahakari Bank Ltd., Rajkot, 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 doing activities akin to travel agent, letting out its premises to shops, doll museum etc., not adhering to clean note policy and not preparing the balance sheet in the format me
Dec 26, 2011
Money Masters Leasing & Finance Limited (MMLFL) Prohibited from accepting deposits
The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered office at 1/18, Rizvi Park, S.V.Road, Santacruz (W), Mumbai–400054 from accepting public deposits from any person in any form whether by way of fresh deposits or renewal of the deposits or otherwise as well as from selling, transf
The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered office at 1/18, Rizvi Park, S.V.Road, Santacruz (W), Mumbai–400054 from accepting public deposits from any person in any form whether by way of fresh deposits or renewal of the deposits or otherwise as well as from selling, transf
Dec 22, 2011
The Gondal Nagrik Sahakari Bank Ltd., Gondal - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Gondal Nagrik Sahakari Bank Ltd., Gondal, 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 granting loan to Directors, not correctly reporting loans to directors to Reserve Bank of India in the statutory returns on advances to directors and not submitting Cash Transact
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Gondal Nagrik Sahakari Bank Ltd., Gondal, 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 granting loan to Directors, not correctly reporting loans to directors to Reserve Bank of India in the statutory returns on advances to directors and not submitting Cash Transact
Dec 16, 2011
Janatha Seva Co-operative Bank Ltd., Bangalore - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore, 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's instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore, 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's instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve
Dec 08, 2011
The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, 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's instructions on Know Your Customers (KYC) / Anti Money Laundering (AML) norms. The Res
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, 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's instructions on Know Your Customers (KYC) / Anti Money Laundering (AML) norms. The Res
Dec 01, 2011
Reserve Bank Cancels the Licence of Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra)
In view of the fact that Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) delivered the order cancelling its licence to the bank as on the close of business on November 25, 2011. The Registrar of Co-operative Societies, Maharashtra has als
In view of the fact that Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) delivered the order cancelling its licence to the bank as on the close of business on November 25, 2011. The Registrar of Co-operative Societies, Maharashtra has als
Nov 16, 2011
Reserve Bank Cancels the Licence of Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra)
In view of the fact that Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 11, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requ
In view of the fact that Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 11, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requ
Nov 16, 2011
Reserve Bank Cancels the license of The Charminar Co-operative Urban Bank Ltd., Hyderabad (Andhra Pradesh)
In view of the fact that the operations of The Charminar Co-operative Urban Bank Ltd., (Andhra Pradesh) had ceased to be solvent, all efforts to turnaround in consultations with the Government of Andhra Pradesh had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order dated November 08, 2011 canceling its license to the bank after the close of business on November 15, 2011. The Registrar of Co-opera
In view of the fact that the operations of The Charminar Co-operative Urban Bank Ltd., (Andhra Pradesh) had ceased to be solvent, all efforts to turnaround in consultations with the Government of Andhra Pradesh had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order dated November 08, 2011 canceling its license to the bank after the close of business on November 15, 2011. The Registrar of Co-opera
Nov 14, 2011
Reserve Bank Cancels the Licence of Gujarat Industrial Co-operative Bank Ltd., Ahmedabad (Gujarat)
In view of the fact that Gujarat Industrial Co-operative Bank Ltd, Ahmedabad (Gujarat) had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank before commencement of business on November 11, 2011. The Central Registrar of Co-operative Societies, New Delhi has a
In view of the fact that Gujarat Industrial Co-operative Bank Ltd, Ahmedabad (Gujarat) had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank before commencement of business on November 11, 2011. The Central Registrar of Co-operative Societies, New Delhi has a
Nov 11, 2011
The Municipal Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Municipal Co-operative Bank Ltd., Ahmedabad , 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 violation of Reserve Bank of India's instructions on Know Your Customer (KYC) norms and unsecured advances observed during the course of bank's inspection as on March 31, 201
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Municipal Co-operative Bank Ltd., Ahmedabad , 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 violation of Reserve Bank of India's instructions on Know Your Customer (KYC) norms and unsecured advances observed during the course of bank's inspection as on March 31, 201
Nov 11, 2011
The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, Gujarat - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, 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 certain violations namely, floating of trust for general public, enrolling co-operative societies as members and not
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, 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 certain violations namely, floating of trust for general public, enrolling co-operative societies as members and not
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Page Last Updated on: January 02, 2023
