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 13, 2024, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh and Fifty thousand only) on The Adinath Co-operative Bank Limited, Dist. Surat, 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 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’.

The Reserve Bank of India (RBl) has imposed, by an order dated February 08, 2024, a monetary penalty of ₹0.50 lakh (Rupees Fifty thousand only) on The Anjangaon Surji Nagari Sahakari Bank Limited, Anjangaon Surji, Maharashtra (the bank) for contravention of Directives and specific directions issued by RBI under sections 35(A)(1) and 36(1) read with section 56 of the Banking Regulation Act, 1949 (BR Act), respectively. 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 BR Act.

The Reserve Bank of India (RBI) has, by an order dated January 19, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Navnirman Co-operative Bank Ltd., 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’. 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 February 03, 2024, a monetary penalty of ₹6.00 lakh (Rupees Six lakh only) on The Nakodar Hindu Urban Cooperative Bank Ltd., Nakodar (the bank) for non-compliance with the directions issued by RBI on Income Recognition, Asset Classification, Provisioning and Other Related Matters (IRAC Norms) and specific directions issued by RBI under Supervisory Action Framework (SAF). 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 imposed, by an order dated January 18, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Shirpur Peoples Co-operative Bank Ltd., Dhule (Maharashtra) (the bank) for non-compliance with directions issued by RBI on Exposure Norms & Statutory Other Restrictions- UCBs and Board of Directors-UCBs. This penalty has been imposed in exercise of powers vested in the RBI under the provisions of section 47A (1)(c) read with sections 46 (4)(i) and 56 of the Banking Regulation Act, 1949. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

The Reserve Bank of India (RBl) has imposed, by an order dated January 18, 2024, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Nashik Zilha Sarkari & Parishad Karmachari Sahakari Bank Niyamit, Nashik (Maharashtra) (the bank) for non-compliance with directions issued by RBI on Know Your Customer (KYC). 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.