The Reserve Bank of India (RBI) has, by an order dated December 13, 2023, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd., Mehsana, 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 contravention of 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 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 December 14, 2023 imposed a monetary penalty of ₹7.00 lakh (Rupees Seven lakh only) on Navsarjan Industrial Co-operative Bank Ltd., Ankleshwar, dist. Bharuch, 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)’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and contravention 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 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 December 07, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on The Co-operative Urban Bank Limited, Parlakhemundi (the bank) for non-compliance with the directions issued by RBI on ‘Membership of Credit Information Companies (CICs)’ and ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005 (CIC Act) and Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949 (BR Act).

The Reserve Bank of India (RBI) has, by an order dated December 13, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty Thousand only) on The Limdi Urban Co-operative Bank Limited, Limdi, dist. Dahod, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘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 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 December 08, 2023, imposed a monetary penalty of ₹1.50 lakh (Rupees One lakh Fifty thousand only) on The Bhuj Commercial Co-operative Bank Limited, Dist. Kachchh, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Know Your Customer (KYC) Direction, 2016’ 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 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 December 07, 2023, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on The Sankheda Nagarik Sahakari Bank Limited, Sankheda, Dist. Chhotaudepur, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ read with RBI directions on ‘Loans and Advances to directors etc. - directors as surety/guarantors – Clarification’ and ‘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 December 13, 2023, imposed a monetary penalty of ₹5.00 lakh (Rupees Five lakh only) on Shree Bharat Co-operative Bank Limited, Vadodara, 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 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 November 30, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on The United Co-operative Bank Limited, 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)’. 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 November 30, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on Sardargunj Mercantile Co-operative Bank Limited, Patan, 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 December 06, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on The Panchsheel Mercantile Co-operative Bank Limited, 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 November 30, 2023, imposed a monetary penalty of ₹5,000/- Thousand (Rupees Five thousand only) on Sree Chaitanya Co-operative Bank Limited, Nabadwip, West Bengal (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 Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies  (Regulation) Act, 2005 (CIC Act).

The Reserve Bank of India (RBl) has, by an order dated December 07, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Vidyanand Co-operative Bank Limited, Solapur, Maharashtra (the bank), for non-compliance with the directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions - UCBs’ read with RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Investments by Primary (Urban) Co-operative Banks’. 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 November 28, 2023, imposed a monetary penalty of ₹2.00 lakh (Rupees Two lakh only) on The Thane District Central Co-operative Bank Limited, Thane (the bank) for violation of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the BR Act.

The Reserve Bank of India (RBI) has, by an order dated November 30, 2023, imposed a monetary penalty of ₹3.00 lakh (Rupees Three lakh only) on The Kutch Mercantile Co-operative Bank Limited, Rapar, Dist. Kachchh, 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 ‘Policy and Practice regarding Nominal Membership’ read with RBI directions on ‘Exposure Norms and Statutory/Other Restrictions- 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 November 30, 2023, imposed a monetary penalty of ₹50,000/- (Rupees Fifty thousand only) on Bhabhar Vibhag Nagarik Sahakari Bank Limited, Bhabhar, District Banaskantha, 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 RBI directions on ‘Loans and Advances to directors etc. - directors as surety/guarantors – Clarification’. 

The Reserve Bank of India (RBI) has, by an order dated November 30, 2023, imposed a monetary penalty of ₹7.00 lakh (Rupees Seven lakh only) on Progressive Mercantile Co-operative Bank Limited, 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)’.

The Reserve Bank of India (RBI) has, by an order dated November 30, 2023, imposed a monetary penalty of ₹ 50,000/- (Rupees Fifty Thousand only) on Shree Morbi Nagarik Sahakari Bank Limited, Morbi, 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.

     This action is based on deficiency 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 (RBI) has, by an order dated November 23, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Contai Co-operative Bank Ltd. (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 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 24, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sarvodaya Co-operative Bank Limited, Mumbai (the bank) for non-compliance with the 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 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 November 24, 2023, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Sanmitra Sahakari Bank Ltd., Pune (the bank) for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under section 47 A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.