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The Reserve Bank of India (RBI) has, by an order dated April 16, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Central Co-operative Bank Limited, Bikaner, Rajasthan (the bank) for non-compliance with directions issued by the 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 47 A(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 NABARD with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with NABARD 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, by an order dated April 16, 2024, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Central Co-operative Bank Limited, Bikaner, Rajasthan (the bank) for non-compliance with directions issued by the 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 47 A(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 NABARD with reference to its financial position as on March 31, 2022. Based on supervisory findings of non-compliance with NABARD 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.
PDF (The Reserve Bank of India (RBI) has, by an order dated April 17, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Vaish Co-operative Adarsh Bank Limited, New Delhi (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 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 April 17, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Vaish Co-operative Adarsh Bank Limited, New Delhi (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 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 April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Bilaspur Nagrik Sahakari Bank Limited, Bilaspur (the bank) for non-adherence with the directions issued by RBI to Urban Co-operative Banks on ‘Exposure Norms & 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 (RBl) has by an order dated April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Bilaspur Nagrik Sahakari Bank Limited, Bilaspur (the bank) for non-adherence with the directions issued by RBI to Urban Co-operative Banks on ‘Exposure Norms & 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 (RBl) has, by an order dated April 02, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sadbhav Nagarik Sahakari Bank Maryadit, Chhatarpur (the bank) for non-compliance with operational instructions issued by RBI 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 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 (RBl) has, by an order dated April 02, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sadbhav Nagarik Sahakari Bank Maryadit, Chhatarpur (the bank) for non-compliance with operational instructions issued by RBI 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 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 (RBl) has, by an order dated April 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Dr. Jaiprakash Mundada Urban Co-operative Bank Limited, Hingoli, Maharashtra (the bank) for non-compliance with the RBI Directions on ‘Management of Advances-UCBs’ and ‘Exposure Norms & Statutory/ Other Restrictions - UCBs. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 (RBl) has, by an order dated April 04, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Dr. Jaiprakash Mundada Urban Co-operative Bank Limited, Hingoli, Maharashtra (the bank) for non-compliance with the RBI Directions on ‘Management of Advances-UCBs’ and ‘Exposure Norms & Statutory/ Other Restrictions - UCBs. This penalty has been imposed in exercise of powers vested in RBI, conferred 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 April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bishnupur Town Cooperative Bank Ltd., West Bengal (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 RBI 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. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of not adopting any system of periodic review of risk categorization of its accounts, at least once in six months was sustained, warranting imposition of monetary penalty.
The Reserve Bank of India (RBI) has, by an order dated April 03, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Bishnupur Town Cooperative Bank Ltd., West Bengal (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 RBI 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. After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the charge of not adopting any system of periodic review of risk categorization of its accounts, at least once in six months was sustained, warranting imposition of monetary penalty.
The Reserve Bank of India (RBI) has imposed, by an order dated March 31, 2024, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Nagar Sahakari Bank Ltd. Gorakhpur (the bank) for non-compliance with the direction issued by RBI 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 imposed, by an order dated March 31, 2024, a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Nagar Sahakari Bank Ltd. Gorakhpur (the bank) for non-compliance with the direction issued by RBI 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 April 01, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions 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 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 April 01, 2024, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions 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 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 April 01, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.
The Reserve Bank of India (RBI) has, by an order dated April 01, 2024, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.
The Reserve Bank of India (RBI) has imposed, by an order dated March 31, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Fatehabad Central Cooperative Bank Limited, Fatehabad (the bank) for contravention of the provisions of section 26A (2) 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 imposed, by an order dated March 31, 2024, a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Fatehabad Central Cooperative Bank Limited, Fatehabad (the bank) for contravention of the provisions of section 26A (2) 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.
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Page Last Updated on: November 19, 2024
