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 March 07, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Excellent Co-operative Bank Ltd., Mumbai, Maharashtra (the bank) for contravention of the 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 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 March 05, 2024 imposed, a monetary penalty of ₹6.00 lakh (Rupees Six lakh only) on The Mandi Urban Co-operative Bank Ltd., Mandi, Himachal Pradesh (the bank) for non-compliance with certain provisions of RBI directions on ‘Placement of Deposits with Other Banks by 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 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 March 12, 2024, imposed a monetary penalty of ₹59.90 lakh (Rupees Fifty-nine lakh and Ninety thousand only) on The Janalaxmi Co-operative Bank Limited, Nashik (the bank) for non-compliance with certain directions issued by RBI on ‘Constitution of Board of Management (BoM) in Primary (Urban) Co-operative Banks (UCBs)’,  ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and specific order issued by RBI under ‘Supervisory Action Framework 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 13, 2024, imposed a monetary penalty of ₹28.30 lakh (Rupees Twenty-Eight lakh and Thirty Thousand only) on Solapur Janata Sahakari Bank Limited, Solapur (the bank), for non-compliance with certain provisions of RBI directions on ‘Constitution of Board of Management in Primary (Urban) Co-operative Banks’ and prohibitory order/direction issued 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 February 23, 2024, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Mathura Jilla Sahkari Bank Ltd, Uttar Pradesh (the bank) for non-compliance with provisions of Section 9 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 (RBl) has, by an order dated February 27, 2024, imposed a monetary penalty of ₹75,000/- (Rupees Seventy-Five thousand only) on Jila Sahakari Kendriya Bank Maryadit, Sehore, Madhya Pradesh (the bank) for non-compliance with the provisions of section 27 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 47 A (1) (c) read with section 46 (4) (i) and section 56 of the BR Act.