Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Dec 16, 2011
Janatha Seva Co-operative Bank Ltd., Bangalore - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Janatha Seva Co-operative Bank Ltd., Bangalore, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve
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Dec 08, 2011
The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions on Know Your Customers (KYC) / Anti Money Laundering (AML) norms. The Res
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Progressive Mercantile Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions on Know Your Customers (KYC) / Anti Money Laundering (AML) norms. The Res
Dec 01, 2011
Reserve Bank Cancels the Licence of Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra)
In view of the fact that Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) delivered the order cancelling its licence to the bank as on the close of business on November 25, 2011. The Registrar of Co-operative Societies, Maharashtra has als
In view of the fact that Bharat Urban Co-operative Bank Ltd., Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) delivered the order cancelling its licence to the bank as on the close of business on November 25, 2011. The Registrar of Co-operative Societies, Maharashtra has als
Nov 16, 2011
Reserve Bank Cancels the Licence of Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra)
In view of the fact that Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 11, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requ
In view of the fact that Bhandari Co-operative Bank Ltd., Mumbai (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 11, 2011. The Registrar of Co-operative Societies, Maharashtra has also been requ
Nov 16, 2011
Reserve Bank Cancels the license of The Charminar Co-operative Urban Bank Ltd., Hyderabad (Andhra Pradesh)
In view of the fact that the operations of The Charminar Co-operative Urban Bank Ltd., (Andhra Pradesh) had ceased to be solvent, all efforts to turnaround in consultations with the Government of Andhra Pradesh had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order dated November 08, 2011 canceling its license to the bank after the close of business on November 15, 2011. The Registrar of Co-opera
In view of the fact that the operations of The Charminar Co-operative Urban Bank Ltd., (Andhra Pradesh) had ceased to be solvent, all efforts to turnaround in consultations with the Government of Andhra Pradesh had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order dated November 08, 2011 canceling its license to the bank after the close of business on November 15, 2011. The Registrar of Co-opera
Nov 14, 2011
Reserve Bank Cancels the Licence of Gujarat Industrial Co-operative Bank Ltd., Ahmedabad (Gujarat)
In view of the fact that Gujarat Industrial Co-operative Bank Ltd, Ahmedabad (Gujarat) had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank before commencement of business on November 11, 2011. The Central Registrar of Co-operative Societies, New Delhi has a
In view of the fact that Gujarat Industrial Co-operative Bank Ltd, Ahmedabad (Gujarat) had ceased to be solvent, all efforts to revive it in close consultation with the Government of Gujarat had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank before commencement of business on November 11, 2011. The Central Registrar of Co-operative Societies, New Delhi has a
Nov 11, 2011
The Municipal Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Municipal Co-operative Bank Ltd., Ahmedabad , in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of India's instructions on Know Your Customer (KYC) norms and unsecured advances observed during the course of bank's inspection as on March 31, 201
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Municipal Co-operative Bank Ltd., Ahmedabad , in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of Reserve Bank of India's instructions on Know Your Customer (KYC) norms and unsecured advances observed during the course of bank's inspection as on March 31, 201
Nov 11, 2011
The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, Gujarat - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for certain violations namely, floating of trust for general public, enrolling co-operative societies as members and not
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Ahmedabad Mercantile Co-operative Bank Limited, Ahmedabad, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for certain violations namely, floating of trust for general public, enrolling co-operative societies as members and not
Nov 11, 2011
The Surat People's Co-operative Bank Ltd., Dist. Surat (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat (Gujarat), in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) by admitting Co-operative Societies as members and giving unsecured advances beyond the prescribed ceiling in violation of the relative provisions of Banking Regul
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat (Gujarat), in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) by admitting Co-operative Societies as members and giving unsecured advances beyond the prescribed ceiling in violation of the relative provisions of Banking Regul
Nov 11, 2011
Shreenath Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Shreenath Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives/guidelines of Reserve Bank on compliance with Know Your Customers (KYC) norms/Anti Money Laundering (AML) guideli
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Shreenath Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives/guidelines of Reserve Bank on compliance with Know Your Customers (KYC) norms/Anti Money Laundering (AML) guideli
Nov 11, 2011
Reserve Bank Cancels the Licence of Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra)
In view of the fact that Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 5, 2011. The Registrar of Co-operative Societies, Maharashtra has
In view of the fact that Solapur Nagari Audyogik Sahakari Bank Niyamit, Solapur (Maharashtra), had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order cancelling its licence to the bank as on the close of business on November 5, 2011. The Registrar of Co-operative Societies, Maharashtra has
Nov 04, 2011
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - The Khedbrahma Nagarik Sahakari Bank Ltd., Khedbrahma, Distt. Sabarkantha (Gujarat)
The Reserve Bank of India has issued in exercise of powers vested in it under sub-section (1) of Section 35A of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the Khedbrahma Nagarik Sahakari Bank Ltd., Khedbrahma, Distt. Sabarkantha (Gujarat), whereby as from the close of business as on October 31, 2011, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, g
The Reserve Bank of India has issued in exercise of powers vested in it under sub-section (1) of Section 35A of Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the Khedbrahma Nagarik Sahakari Bank Ltd., Khedbrahma, Distt. Sabarkantha (Gujarat), whereby as from the close of business as on October 31, 2011, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, g
Nov 04, 2011
Shreenath Co-operative Bank Ltd., Ahmedabad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Shreenath Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Shreenath Co-operative Bank Ltd., Ahmedabad, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India instructions on Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank
Nov 04, 2011
The Baroda City Co-operative Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Baroda City Co-operative Bank Ltd., Vadodara, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and incorrect compliance certificate furnished for the earlier inspection report. The Rese
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Baroda City Co-operative Bank Ltd., Vadodara, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and incorrect compliance certificate furnished for the earlier inspection report. The Rese
Nov 03, 2011
The Mehsana Nagarik Sahakari Bank Ltd., Mehsana (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Mehsana Nagarik Sahakari Bank Ltd., Mehsana (Gujarat), in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions relating to Anti Money Laundering (AML) guidelines. The Reserve Bank of Indi
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on the The Mehsana Nagarik Sahakari Bank Ltd., Mehsana (Gujarat), in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of Reserve Bank of India's instructions relating to Anti Money Laundering (AML) guidelines. The Reserve Bank of Indi
Oct 25, 2011
Pravara Sahakari Bank Ltd., Ahmednagar - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Pravara Sahakari Bank Ltd., Ahmednagar, Maharashtra, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of directives/guidelines of the Reserve Bank of India on maximum limit on advances as modified from time to time, by sanction
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Pravara Sahakari Bank Ltd., Ahmednagar, Maharashtra, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violation of directives/guidelines of the Reserve Bank of India on maximum limit on advances as modified from time to time, by sanction
Oct 24, 2011
The Baroda Traders Co-operative Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Baroda Traders Co-operative Bank Ltd., Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non adherence to Know Your Customers (KYC) norms. The Reserve Bank of India had issued a show cause notice to the bank, in res
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Baroda Traders Co-operative Bank Ltd., Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non adherence to Know Your Customers (KYC) norms. The Reserve Bank of India had issued a show cause notice to the bank, in res
Oct 19, 2011
The Jain Sahakari Bank Ltd., Mumbai - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Jain Sahakari Bank Ltd., Mumbai, Maharashtra, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives/guidelines of Reserve Bank on compliance with Know Your Customers (KYC) norms/Anti Money Laundering (AML) guid
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Jain Sahakari Bank Ltd., Mumbai, Maharashtra, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for violations of the directives/guidelines of Reserve Bank on compliance with Know Your Customers (KYC) norms/Anti Money Laundering (AML) guid
Oct 13, 2011
Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of directives/guidelines of the Reserve Bank of India on loans/advances to directors, by purchasing cheques beyond ` 0.50 lakh pertaining to relatives of a
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Nagar Urban Co-operative Bank Ltd., Ahmednagar, Maharashtra, in exercise of powers vested in it under the provisions of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (AACS) for violation of directives/guidelines of the Reserve Bank of India on loans/advances to directors, by purchasing cheques beyond ` 0.50 lakh pertaining to relatives of a
Sep 30, 2011
Alavi Co-operative Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Alavi Co-operative Bank Ltd., Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank of India had issued a show ca
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Alavi Co-operative Bank Ltd., Vadodara, Gujarat, in exercise of powers vested in it under the provisions of Section 47(A)(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), for non-adherence to Know Your Customers (KYC) norms and Anti Money Laundering (AML) guidelines. The Reserve Bank of India had issued a show ca
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