The Reserve Bank of India (RBI) has, by an order dated March 19, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Howrah District Central Co-operative Bank Ltd., Howrah (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Directions, 2016’. This penalty has been imposed in exercise of powers vested in RBI, conferred under section 47A (1) (c) read with sections 46(4) (i) and 56 of the Banking Regulation Act, 1949. The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. 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 (RBl) has imposed, by an order dated March 19, 2024, a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Standard Urban Co-operative Bank Ltd., Aurangabad (the bank), for contravention of provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act). 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 Reserve Bank of India (RBI) has, by an order dated February 28, 2024, imposed a monetary penalty of ₹25,000/- (Rupees Twenty-Five thousand only) on The Dindigul Urban Co-operative Bank Ltd., Dindigul, Tamil Nadu (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 February 28, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Chikkamagaluru District Cooperative Central Bank Ltd., Chikkamagaluru, Karnataka (the bank) for non-compliance with the directions issued by National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds - Guidelines for Classification, Reporting and Monitoring’. 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 February 27, 2024 imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Janata Co-operative Bank Limited, Malegaon, Nashik, Maharashtra (the bank) for non-compliance with RBI directions on ‘Management of Advances-UCBs’ and ‘Exposure Norms and Statutory/Other Restrictions- UCBs’. This penalty has been imposed in exercise of powers vested in RBI, conferred under provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 56 of the Banking Regulation Act, 1949.

The Reserve Bank of India (RBI) has, by an order dated February 22, 2024, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Solapur District Central Co-operative Bank Limited, Solapur, Maharashtra (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and the directions issued by RBI on the Depositor Education and Awareness Fund. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated February 14, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Hanamasagar Urban Co-operative Bank Ltd., Hanamasagar, Karnataka (the bank) for non-compliance with the directions issued by RBI on “Frauds in UCBs: Changes in Monitoring and Reporting mechanism” read with the directions issued by RBI on “Master Circular on Frauds-Classification and Reporting” and “Reporting of Frauds on XBRL-FMR submission, FMR 2 discontinuation and introduction of FMR-3”. This penalty has been imposed in exercise of powers conferred on RBI 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 (RBl) has, by an order dated February 13, 2024, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Janseva Co-operative Bank Limited, Nashik, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’ read with ‘Loans and Advances to Directors etc. - Directors as surety/guarantors – Clarification’. This penalty has been imposed in exercise of powers vested in RBI 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 February 08, 2024 imposed a monetary penalty of ₹2.50 lakh (Rupees Two lakh fifty thousand only) on Pusad Urban Co-operative Bank Ltd., Pusad, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.