The Reserve Bank of India (RBI) has, by an order dated April 16, 2024, imposed a monetary penalty of ₹43.30 lakh (Rupees Forty Three Lakh and Thirty Thousand only) on Rajkot Nagarik Sahakari Bank Ltd., Rajkot (the bank), for non-compliance with RBI directions on ‘Ban on loans and advances to directors and their relatives, and firms / concerns in which they are interested’, ‘Prohibition on opening of saving bank accounts in the names of certain bodies / organizations’ and ‘Maintenance of deposit accounts’. This penalty has been imposed in exercise of powers vested in RBI, conferred under provisions of section 47A(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 March 30, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Zila Sahakari Bank Ltd., Garhwal, Kotdwar, Uttarakhand (the bank) for contravention of the provisions of section 20(1)(b) and section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has imposed, by an order dated March 30, 2024, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Omkar Nagreeya Sahkari Bank Ltd., Kanpur (the bank) for non-compliance with direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.

The Reserve Bank of India (RBI) has imposed, by an order dated March 30, 2024, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on United Mercantile Urban Co-operative Bank Limited, Kanpur (the bank) for non-compliance direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.

The Reserve Bank of India (RBI) has imposed, by an order dated March 29, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Urban Co-operative Bank Limited, Maunath Bhanjan (the bank) for non-compliance with prohibitory order/direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Nagar Sahkari Bank Ltd., Maharajganj (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(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 March 30, 2024, a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Panchkula Urban Co-operative Bank Ltd., Panchkula (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated March 27, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Uttarakhand Grameen Bank, Dehradun (the bank) for contravention of the provisions of section 26 A (2) read with section 51 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has imposed by an order dated March 29, 2024, a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Raj Laxmi Mahila Urban Co-operative Bank Ltd., Jaipur (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act. The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

The Reserve Bank of India (RBI) has imposed, by an order dated March 29, 2024, a monetary penalty of ₹4.00 lakh (Rupees Four lakh only) on Nagar Sahkari Bank Limited, Etawah (the bank) for non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act.