The Reserve Bank of India (RBI) has, by an order dated November 03, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Dhrangadhra People’s Co-operative Bank Ltd., Dhrangadhra, Dist. Surendranagar, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47-A (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 November 03, 2023, imposed a monetary penalty of ₹1.50 Lakh (Rupees One lakh fifty thousand only) on The Mandal Nagarik Sahakari Bank Ltd., Mandal, Dist. Ahmedabad, Gujarat (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’ and ‘Co-operative Banks - Interest Rate on Deposits’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47-A (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 November 07, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Balasore Bhadrak Central Co-operative Bank Ltd., Balasore (the bank) for non-compliance with the directions issued by RBI on “Membership of Credit Information Companies (CICs)”. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of section 25 (1) (iii) read with section 23 (4) of the Credit Information Companies (Regulation) Act, 2005.

The Reserve Bank of India (RBI) has imposed, by an order dated October 13, 2023, a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Khambhat Nagarik Sahakari Bank Ltd., Khambhat, Gujarat (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 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 (RBI) has imposed, by an order dated October 25, 2023, a monetary penalty of ₹2.50 lakh (Rupees Two lakh fifty thousand only) on Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Reserve Bank of India (Co-operative Banks - Interest Rate on Deposits) Directions, 2016’. 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 (RBI) has imposed, by an order dated October 25, 2023, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Porbandar Vibhagiya Nagarik Sahkari Bank Ltd., Porbandar, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. 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 (RBI) has imposed, by an order dated October 30, 2023, a monetary penalty of ₹25,000/- (Rupees Twenty-five thousand only) on The Vejalpur Nagarik Sahkari Bank Ltd., Vejalpur, dist. Panchmahal, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. 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 (RBI) has imposed, by an order dated October 13, 2023, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sarvodaya Nagarik Sahakari Bank Ltd., Himmatnagar, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. 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 (RBI) has, by an order dated October 12, 2023, imposed a monetary penalty of ₹25,000/- (Rupees Twenty five thousand only) on The Pudukkottai Co-operative Town Bank Ltd., Pudukkottai, Tamil Nadu (the bank) for non-compliance with the directions issued by RBI on ‘Board of Directors - UCBs’. 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 (AACS).

The Reserve Bank of India (RBI) has, by an order dated November 02, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh fifty thousand only) on Sappers Finance and Consultancy Pvt Ltd., Kolkata (the company) for non-compliance with the directions issued by RBI on (i) ‘Requirement for obtaining prior approval of RBI in cases of acquisition/transfer of control of Non-Banking Financial Companies (NBFCs)’; and (ii) ‘Non-Banking Financial Company Returns (Reserve Bank) Directions, 2016’ read with directions issued by RBI on ‘Format of Statutory Auditors’ Certificate (SAC) to be submitted by NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58G (1) (b) read with Section 58B (5)(aa) of the Reserve Bank of lndia Act, 1934