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Press Releases
Aug 18, 2011
Rajkot Commercial Co-operative Bank Ltd., Rajkot - Penalised
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on Rajkot Commercial Co-operative Bank Limited, Rajkot, 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 (AACS) for violation of Reserve Bank of India's instructions regarding grant of unsecured advances in excess of prescribed ceiling and director related advances. The Reserve
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on Rajkot Commercial Co-operative Bank Limited, Rajkot, 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 (AACS) for violation of Reserve Bank of India's instructions regarding grant of unsecured advances in excess of prescribed ceiling and director related advances. The Reserve
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Aug 16, 2011
The Becharaji Nagarik Sahakari Bank Ltd., Becharaji, Dist. Mehsana, Gujarat - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Becharaji Nagarik Sahakari Bank Limited, Becharaji, Dist. Mehsana, 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 (AACS) for violation of Reserve Bank of India's instructions relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. The Rese
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Becharaji Nagarik Sahakari Bank Limited, Becharaji, Dist. Mehsana, 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 (AACS) for violation of Reserve Bank of India's instructions relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) guidelines. The Rese
Aug 09, 2011
Teachers' Co-operative Bank Limited, Udupi, Karnataka - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Teachers' Co-operative Bank Limited, Udupi, Karnataka, 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 directives on collection of third party account payee cheques. The Reserve Bank of India had issued a show cause notice to the bank
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Teachers' Co-operative Bank Limited, Udupi, Karnataka, 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 directives on collection of third party account payee cheques. The Reserve Bank of India had issued a show cause notice to the bank
Aug 08, 2011
The Sawaimadhopur Urban Co-operative Bank Limited, Sawaimadhopur - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Sawaimadhopur Urban Co-operative Bank Limited, Sawaimadhopur, 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 directives/guidelines pertaining to the ceiling on unsecured advances applicable in case of urban co-operative Banks. The R
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Sawaimadhopur Urban Co-operative Bank Limited, Sawaimadhopur, 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 directives/guidelines pertaining to the ceiling on unsecured advances applicable in case of urban co-operative Banks. The R
Aug 05, 2011
Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Gujarat Mercantile Co-operative Bank Ltd., 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 (AACS) for violation of Reserve Bank of India directives/instructions relating to filing of Suspicious Transaction Reports as required under Anti Money Laundering guideline
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Gujarat Mercantile Co-operative Bank Ltd., 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 (AACS) for violation of Reserve Bank of India directives/instructions relating to filing of Suspicious Transaction Reports as required under Anti Money Laundering guideline
Jul 29, 2011
The Kalupur Commercial 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 Kalupur Commercial Co-operative Bank Ltd., Ahmedabad, District Ahmedabad in exercise of 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 provisions of Banking Regulation Act/Reserve Bank of India directives/instructions relating to Kno
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Kalupur Commercial Co-operative Bank Ltd., Ahmedabad, District Ahmedabad in exercise of 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 provisions of Banking Regulation Act/Reserve Bank of India directives/instructions relating to Kno
Jul 15, 2011
The Pioneer Urban Co-operative Bank Ltd., Belgaum, Karnataka - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Pioneer Urban Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of 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 violating the Reserve Bank's instructions for sanctioning loan to a company in which a director of the Bank is interested and suppressing such information by not r
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Pioneer Urban Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of 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 violating the Reserve Bank's instructions for sanctioning loan to a company in which a director of the Bank is interested and suppressing such information by not r
Jul 15, 2011
The Jagruti Co-operative Bank Ltd., Belgaum, Karnataka - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Jagruti Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of 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 violating the Reserve Bank of India's instructions by sanctioning loans to present directors, their relatives and firms / concerns in which they are interested and suppr
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Jagruti Co-operative Bank Ltd., Belgaum, Karnataka, in exercise of 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 violating the Reserve Bank of India's instructions by sanctioning loans to present directors, their relatives and firms / concerns in which they are interested and suppr
Jul 15, 2011
The Citizen Co-operative Bank Limited, Bangalore - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of 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 violating the Reserve Bank of India's instructions by sanctioning / renewing loans to the relatives of the director of the bank and suppressing such information by not reporti
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Citizen Co-operative Bank Limited, Bangalore, in exercise of 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 violating the Reserve Bank of India's instructions by sanctioning / renewing loans to the relatives of the director of the bank and suppressing such information by not reporti
Jul 13, 2011
Kodagu District Co-operative Central Bank Ltd. - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Kodagu District Co-operative Central Bank Ltd., Madikeri, N. Kodagu (Karnataka) in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating regulatory guidelines issued by the Reserve Bank on Non-SLR investments. The Reserve Bank of India had issued a show cause notice to the bank, i
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Kodagu District Co-operative Central Bank Ltd., Madikeri, N. Kodagu (Karnataka) in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating regulatory guidelines issued by the Reserve Bank on Non-SLR investments. The Reserve Bank of India had issued a show cause notice to the bank, i
Jul 13, 2011
The Mehsana Urban Co-operative Bank Ltd. - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Mehsana Urban Co-operative Bank Ltd., Mehsana, 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 directives/guidelines relating to admission of co-operative societies as nominal members in violation of provisions of Section 5(ccv) of B
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Mehsana Urban Co-operative Bank Ltd., Mehsana, 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 directives/guidelines relating to admission of co-operative societies as nominal members in violation of provisions of Section 5(ccv) of B
Jul 11, 2011
The Dahod Urban Co-operative Bank Limited, 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 Limited, 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 violation of Reserve Bank of India directives/guidelines relating to share linking norms, single and group borrower exposure limits, grant of donation beyond the permissible l
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 Limited, 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 violation of Reserve Bank of India directives/guidelines relating to share linking norms, single and group borrower exposure limits, grant of donation beyond the permissible l
Jul 11, 2011
Pragati Sahakari Bank Limited, Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Pragati Sahakari Bank Limited, Vadodara, 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 violations of Reserve Bank of India directives/instructions/guidelines relating to share linking norms, single borrower exposure ceiling and Anti Money Laundering (AML) guidelines for
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on Pragati Sahakari Bank Limited, Vadodara, 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 violations of Reserve Bank of India directives/instructions/guidelines relating to share linking norms, single borrower exposure ceiling and Anti Money Laundering (AML) guidelines for
Jul 08, 2011
Kolhapur District Central Co-operative Bank Ltd. - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Kolhapur District Central Co-operative Bank Ltd., Kolhapur, Maharashtra in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by the Reserve Bank on Know Your Customers (KYC) norms / Anti Money Laundering (AML) standards. The Reserve Bank of India had issued a
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Kolhapur District Central Co-operative Bank Ltd., Kolhapur, Maharashtra in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by the Reserve Bank on Know Your Customers (KYC) norms / Anti Money Laundering (AML) standards. The Reserve Bank of India had issued a
Jun 23, 2011
The Prerana Co-operative Bank Ltd., Pune - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Prerana Co-operative Bank Ltd., Pune, Maharashtra 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 directives on unsecured advances. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Prerana Co-operative Bank Ltd., Pune, Maharashtra 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 directives on unsecured advances. The Reserve Bank of India had issued a show cause notice to the bank, in response to which the bank
Jun 23, 2011
Reserve Bank Cancels the Licence of Siddharth Sahakari Bank Ltd., Pune (Maharashtra)
In view of the fact that Siddharth Sahakari Bank Ltd, Pune, 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 before commencement of business on June 14, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requested to
In view of the fact that Siddharth Sahakari Bank Ltd, Pune, 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 before commencement of business on June 14, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requested to
Jun 17, 2011
The Padra Nagar Nagarik Sahakari Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Padra Nagar Nagarik Sahakari 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 (AACS) for not reporting of cash transactions above ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML) guidel
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Padra Nagar Nagarik Sahakari 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 (AACS) for not reporting of cash transactions above ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML) guidel
Jun 16, 2011
The Pij People's Co-operative Bank Ltd., Pij, Dist. Kheda - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Pij People's Co-operative Bank Limited, Pij Dist. Kheda, 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 (AACS) for not reporting cash transactions in excess of ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Pij People's Co-operative Bank Limited, Pij Dist. Kheda, 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 (AACS) for not reporting cash transactions in excess of ` 10.00 lakh to Financial Intelligence Unit-India (FIU-IND), as required under the Anti Money Laundering (AML
Jun 16, 2011
The Jivan Commercial Co-operative Bank Ltd., Rajkot - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Jivan Commercial Co-operative Bank Ltd., Rajkot, Gujarat in exercise of 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 violating Know Your Customers (KYC) norms, guidelines on advances to builders and contractors against security of land, Anti Money Laundering (AML) guidelines, ind
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on The Jivan Commercial Co-operative Bank Ltd., Rajkot, Gujarat in exercise of 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 violating Know Your Customers (KYC) norms, guidelines on advances to builders and contractors against security of land, Anti Money Laundering (AML) guidelines, ind
Jun 08, 2011
The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar 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 violations of allowing interest rebate in loan accounts of directors and non-adherence to Know Your Costumer (KYC) norms. The Reserve Bank of India had issued a show
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Gandhinagar Nagrik Co-operative Bank Ltd., Gandhinagar 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 violations of allowing interest rebate in loan accounts of directors and non-adherence to Know Your Costumer (KYC) norms. The Reserve Bank of India had issued a show
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Page Last Updated on: January 02, 2023
