Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Jul 23, 2012
Sterling Urban Co-operative Bank Ltd., Jaipur - Penalised
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on Sterling Urban Co-operative Bank Ltd., Jaipur, 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 violating the Reserve Bank of India instructions relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) directives. The Re
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on Sterling Urban Co-operative Bank Ltd., Jaipur, 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 violating the Reserve Bank of India instructions relating to Know Your Customer (KYC) norms and Anti Money Laundering (AML) directives. The Re
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Jul 20, 2012
Revised Guidelines on Priority Sector Lending-Targets and Classification
The Reserve Bank of India today released on its website revised guidelines on Priority Sector Lending-Targets and Classification. The priority sectors are broadly taken as those sectors of the economy which, if not designated as priority sectors, may not get timely and adequate credit. Typically these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income
The Reserve Bank of India today released on its website revised guidelines on Priority Sector Lending-Targets and Classification. The priority sectors are broadly taken as those sectors of the economy which, if not designated as priority sectors, may not get timely and adequate credit. Typically these are small value loans to farmers for agriculture and allied activities, micro and small enterprises, poor people for housing, students for education and other low income
Jul 18, 2012
Pragati Sahkari Bank Ltd., Vadodara - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Pragati Sahkari Bank Ltd., Vadodara, in exercise of the 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 Section 20 and 20A of the B.R. Act, 1949(AACS) regarding (i) director related advances; (ii) grant of unsecured loans beyond the stipulated ceiling and (iii) for not re
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Pragati Sahkari Bank Ltd., Vadodara, in exercise of the 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 Section 20 and 20A of the B.R. Act, 1949(AACS) regarding (i) director related advances; (ii) grant of unsecured loans beyond the stipulated ceiling and (iii) for not re
Jul 16, 2012
Karad Urban Co-operative Bank Ltd., Karad - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Karad Urban Co-operative Bank Ltd., Karad , 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 instructions/guidelines of the Reserve Bank of India. The bank had violated RBI instructions contained in circular UBD No.RBL.77/J(
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on Karad Urban Co-operative Bank Ltd., Karad , 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 instructions/guidelines of the Reserve Bank of India. The bank had violated RBI instructions contained in circular UBD No.RBL.77/J(
Jun 28, 2012
The Surat People's Co-operative Bank Ltd., Dist. Surat - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat, 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 RBI directives/instructions regarding (i) establishment/ promotion of trusts, (ii) loans and advances to firms/companie
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Surat People's Co-operative Bank Ltd., Dist. Surat, 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 RBI directives/instructions regarding (i) establishment/ promotion of trusts, (ii) loans and advances to firms/companie
Jun 27, 2012
The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan - Penalised
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan in exercise of powers vested in it under the provisions of Section 47(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) as also the Section 30(1), read with Section 26(6), of the Payment and Settlement Systems Act, 2007, for repeated violations of Reserve B
The Reserve Bank of India has imposed a monetary penalty of `2.00 lakh (Rupees two lakh only) on The Bundi Urban Co-operative Bank Limited, Bundi, Rajasthan in exercise of powers vested in it under the provisions of Section 47(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) as also the Section 30(1), read with Section 26(6), of the Payment and Settlement Systems Act, 2007, for repeated violations of Reserve B
Jun 25, 2012
The Dahod Urban Co-operative Bank Ltd., Dist. Dahod - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod, 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 non-reporting/wrong submission of Cash Transaction Reports (CTRs) for cash transactions in excess of `10.00 lakhs to Financial Intelligence Unit-India (FIU-IND), as require
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod, 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 non-reporting/wrong submission of Cash Transaction Reports (CTRs) for cash transactions in excess of `10.00 lakhs to Financial Intelligence Unit-India (FIU-IND), as require
Jun 20, 2012
The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (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 instructions relating to Know Your Customer (KYC) norms and Anti Money Launder
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kalol Nagrik Sahakari Bank Limited, Kalol, Dist. Gandhinagar (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 instructions relating to Know Your Customer (KYC) norms and Anti Money Launder
Jun 18, 2012
The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar - Penalised
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar in exercise of the 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 RBI directives related to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from waiver of interest on a loan to an ex
The Reserve Bank of India has imposed a monetary penalty of ` 1.00 lakh (Rupees one lakh only) on The Jamnagar Peoples Co-operative Bank Ltd., Dist: Jamnagar in exercise of the 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 RBI directives related to (a) ceiling on exposure to individual non SLR investments and (b) prohibition from waiver of interest on a loan to an ex
Jun 07, 2012
Reserve Bank Cancels the Licence of The Madhavpura Mercantile Co-perative Bank Ltd., Ahmedabad (Gujarat)
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. Th
In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India (RBI) passed an order cancelling the banking licence issued to the co-operative bank with effect from the close of business on June 04, 2012. Th
Jun 01, 2012
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Unlicensed District Central Cooperative Banks
The Reserve Bank of India has issued in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the District Central Co-operative Banks namely the Osmanabad District Central Co-operative Bank Ltd., Osmanabad, the Jalna District Central Co-operative Bank Ltd., Jalna and the Dhule and Nandurbar District Central Co-operative Bank Ltd., D
The Reserve Bank of India has issued in exercise of powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949, certain Directions to the District Central Co-operative Banks namely the Osmanabad District Central Co-operative Bank Ltd., Osmanabad, the Jalna District Central Co-operative Bank Ltd., Jalna and the Dhule and Nandurbar District Central Co-operative Bank Ltd., D
May 29, 2012
Reserve Bank Cancels the Licence of the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha
In view of the fact that the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha had ceased to be solvent and with all efforts to revive it having failed and the depositors being inconvenienced by continued uncertainty, the Reserve Bank of India delivered to the bank the order cancelling its licence after the close of business on May 23, 2012. The Registrar of Co-operative Societies, Government of Odisha has also been requested to issue an order for winding up the ban
In view of the fact that the Chatrapur Co-operative Bank Ltd., Chatrapur, Odisha had ceased to be solvent and with all efforts to revive it having failed and the depositors being inconvenienced by continued uncertainty, the Reserve Bank of India delivered to the bank the order cancelling its licence after the close of business on May 23, 2012. The Registrar of Co-operative Societies, Government of Odisha has also been requested to issue an order for winding up the ban
May 22, 2012
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad, (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 Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 02, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loan
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 Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 02, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loan
May 22, 2012
Reserve Bank Cancels the Licence of Bhimashankar Nagari Sahakari Bank Ltd.,Ausa, Dist. Latur (Maharashtra)
In view of the fact that Bhimashankar Nagari Sahakari Bank Ltd, Ausa, Dist. Latur (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 on May 3, 2012 delivered its order dated April 25, 2012 to the bank cancelling its licence to carry out banking business. The Registrar of Co-operative Societie
In view of the fact that Bhimashankar Nagari Sahakari Bank Ltd, Ausa, Dist. Latur (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 on May 3, 2012 delivered its order dated April 25, 2012 to the bank cancelling its licence to carry out banking business. The Registrar of Co-operative Societie
May 15, 2012
The Patdi Nagrik Sahakari Bank Ltd., Patdi, Dist. Surendranagar - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Patdi Nagrik Sahakari Bank Ltd., Patdi, Dist. Surendranagar, 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 (i) violation of RBI instructions to disclose the penalty in its notes to accounts to the balance sheet as on March 31, 2011, (ii) non-adherence of operational
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Patdi Nagrik Sahakari Bank Ltd., Patdi, Dist. Surendranagar, 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 (i) violation of RBI instructions to disclose the penalty in its notes to accounts to the balance sheet as on March 31, 2011, (ii) non-adherence of operational
May 15, 2012
Reserve Bank of India imposes monetary penalty on National Urban Cooperative Bank Ltd of Delhi
The Reserve Bank of India has imposed a monetary penalty of `.5 lakh (Rupees Five lakh only) on the National Urban Cooperative Bank Ltd, C-3/ 84, New Kondli, Mayur Vihar, Phase III, Delhi -110096 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 (As Applicable to co-operative Societies) for violation of the directions/guidelines/instructions of the Reserve Bank of India on Loans and
The Reserve Bank of India has imposed a monetary penalty of `.5 lakh (Rupees Five lakh only) on the National Urban Cooperative Bank Ltd, C-3/ 84, New Kondli, Mayur Vihar, Phase III, Delhi -110096 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 (As Applicable to co-operative Societies) for violation of the directions/guidelines/instructions of the Reserve Bank of India on Loans and
Apr 26, 2012
The Udhna Citizen Co-operative Bank Ltd., Surat, (Gujarat)
The Reserve Bank of India had issued a directive, in the interest of public, to the Udhna Citizen Co-operative Bank Ltd., Surat (Gujarat), in exercise of the powers vested under sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 (AACS), from the close of business as on November 2, 2010, in terms of which the aforesaid bank shall not, without prior approval of RBI in writing grant or renew any loans an advances, make any investment, incur any liability
The Reserve Bank of India had issued a directive, in the interest of public, to the Udhna Citizen Co-operative Bank Ltd., Surat (Gujarat), in exercise of the powers vested under sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 (AACS), from the close of business as on November 2, 2010, in terms of which the aforesaid bank shall not, without prior approval of RBI in writing grant or renew any loans an advances, make any investment, incur any liability
Apr 11, 2012
Reserve Bank of India penalises Shri Vinayak Sahakari Bank Ltd., Ahmedabad
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Shri Vinayak Sahakari Bank Ltd., Ahmedabad, for violation of RBI instructions/directions relating to operational instructions, destruction of records of banking transactions, non production of books of account before the Inspec
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on Shri Vinayak Sahakari Bank Ltd., Ahmedabad, for violation of RBI instructions/directions relating to operational instructions, destruction of records of banking transactions, non production of books of account before the Inspec
Apr 09, 2012
Reserve Bank Cancels the Licence of Shri Bhadran Mercantile Co-operative Bank Ltd., Bhadran (Gujarat)
In view of the fact that Shri Bhadran Mercantile Co-operative Bank Ltd, Bhadran (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 on March 30, 2012 delivered its order dated March 21, 2012 to the bank cancelling its licence to carry out banking business. The Registrar of Co-operative Societies, Guja
In view of the fact that Shri Bhadran Mercantile Co-operative Bank Ltd, Bhadran (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 on March 30, 2012 delivered its order dated March 21, 2012 to the bank cancelling its licence to carry out banking business. The Registrar of Co-operative Societies, Guja
Apr 03, 2012
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) The Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad, (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 Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 02, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loan
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 Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat), whereby as from the close of business as on April 02, 2012, the aforesaid bank shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loan
Apr 02, 2012
The Kheralu Nagarik Sahakari Bank Ltd., Dist. Mehsana (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kheralu Nagarik Sahakari Bank Ltd., Dist. 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 Operational Instructions of the Reserve Bank of India and single/group borrower exposure norms. These violatio
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Kheralu Nagarik Sahakari Bank Ltd., Dist. 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 Operational Instructions of the Reserve Bank of India and single/group borrower exposure norms. These violatio
Mar 29, 2012
RBI keeps Normal Ways and Means Advances to the State Governments Unchanged for Fiscal 2012-13
The aggregate Normal Ways and Means Advances (WMA) limit for the State Governments inclusive of the Union Territory of Puducherry is placed at Rs.10,240 crore for the year 2012-13, the Reserve Bank of India stated today. The limits are unchanged from the last year's limits. Other terms and conditions of the Scheme would remain unchanged. The decision was taken after a review of the State-wise limits of Normal Ways and Means Advances (WMA) for the year 2011-12. Ajit Pr
The aggregate Normal Ways and Means Advances (WMA) limit for the State Governments inclusive of the Union Territory of Puducherry is placed at Rs.10,240 crore for the year 2012-13, the Reserve Bank of India stated today. The limits are unchanged from the last year's limits. Other terms and conditions of the Scheme would remain unchanged. The decision was taken after a review of the State-wise limits of Normal Ways and Means Advances (WMA) for the year 2011-12. Ajit Pr
Mar 29, 2012
Reserve Bank of India penalises The Siddhi Co-operative Bank Ltd., Ahmedabad.
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on The Siddhi Co-operative Bank Ltd., Ahmedabad, for violation of RBI instructions/ directions relating to non disclosure of penalty levied in its balance sheet and inordinate delay in reporting of Securities Transaction Reports (
The Reserve Bank of India, 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), imposed a monetary penalty of Rs. 5.00 lakh (Rupees five lakh only) on The Siddhi Co-operative Bank Ltd., Ahmedabad, for violation of RBI instructions/ directions relating to non disclosure of penalty levied in its balance sheet and inordinate delay in reporting of Securities Transaction Reports (
Mar 29, 2012
Sulaimani Co-operative Bank Limited, Vadodara (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the Sulaimani Co-operative Bank Limited, 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 violation of operational instructions imposed on the bank by RBI, non-adherence to exposure ceiling prescribed for unsecured adv
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the Sulaimani Co-operative Bank Limited, 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 violation of operational instructions imposed on the bank by RBI, non-adherence to exposure ceiling prescribed for unsecured adv
Mar 28, 2012
The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (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 Section 20A of B.R. Act, 1949 and Anti Money Laundering (AM
The Reserve Bank of India has imposed a monetary penalty of `1.00 lakh (Rupees one lakh only) on The Harij Nagarik Sahakari Bank Ltd., Harij, Dist. Patan (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 Section 20A of B.R. Act, 1949 and Anti Money Laundering (AM
Mar 28, 2012
Reserve Bank Cancels the Licence of The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (Maharashtra)
In view of the fact that The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (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 and the same is effective from the close of business as on March 22, 2012. The Registrar of
In view of the fact that The Bhusawal People’s Co-operative Bank Ltd., Bhusawal, Jalgaon (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 and the same is effective from the close of business as on March 22, 2012. The Registrar of
Mar 15, 2012
The United 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 the The United 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 customer (KYC) norms, share linking norms, individual exposure ceiling, uns
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The United 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 customer (KYC) norms, share linking norms, individual exposure ceiling, uns
Mar 12, 2012
Reserve Bank Cancels the Licence of Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (Maharashtra)
In view of the fact that Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (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 with effect from the close of business on March 5, 2012. The Registrar of Co-operative Societies, Maharasht
In view of the fact that Krishna Valley Co-operative Bank Ltd., Kupwad, Sangli (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 with effect from the close of business on March 5, 2012. The Registrar of Co-operative Societies, Maharasht
Feb 06, 2012
Manappuram Finance Limited, Thrissur cannot accept/renew Public Deposits : RBI
The Reserve Bank of India today advised that Manappuram Finance Limited, Thrissur, Kerala (earlier known as Manappuram General Finance and Leasing Ltd.), is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public. The Reserve Bank has stated that acceptance of deposits either by Manappuram Finance Limited or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who depo
The Reserve Bank of India today advised that Manappuram Finance Limited, Thrissur, Kerala (earlier known as Manappuram General Finance and Leasing Ltd.), is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public. The Reserve Bank has stated that acceptance of deposits either by Manappuram Finance Limited or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who depo
Jan 12, 2012
The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (Gujarat) - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (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 Know Your Customers (KYC) norms. The Reserve Bank o
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on the The Ghandhidham Co-operative Bank Ltd., Adipur, Dist. Kutch (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 Know Your Customers (KYC) norms. The Reserve Bank o
Jan 06, 2012
Reserve Bank Cancels the Licence of Veershaiva Co-operative Bank Ltd., Mumbai (Maharashtra)
In view of the fact that Veershaiva 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 December 30, 2011. The Registrar of Co-operative Societies, Maharashtra has also been re
In view of the fact that Veershaiva 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 December 30, 2011. The Registrar of Co-operative Societies, Maharashtra has also been re
Jan 06, 2012
The Rajkot Nagrik Sahakari Bank Ltd., Rajkot - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Rajkot Nagrik Sahakari Bank Ltd., Rajkot, 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 doing activities akin to travel agent, letting out its premises to shops, doll museum etc., not adhering to clean note policy and not preparing the balance sheet in the format me
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Rajkot Nagrik Sahakari Bank Ltd., Rajkot, 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 doing activities akin to travel agent, letting out its premises to shops, doll museum etc., not adhering to clean note policy and not preparing the balance sheet in the format me
Dec 26, 2011
Money Masters Leasing & Finance Limited (MMLFL) Prohibited from accepting deposits
The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered office at 1/18, Rizvi Park, S.V.Road, Santacruz (W), Mumbai–400054 from accepting public deposits from any person in any form whether by way of fresh deposits or renewal of the deposits or otherwise as well as from selling, transf
The Reserve Bank of India in exercise of powers vested in it under Section 45MB (1) and 45 MB (2) of the Reserve Bank of India Act, 1934, has prohibited with immediate effect Money Masters Leasing & Finance Limited, having its registered office at 1/18, Rizvi Park, S.V.Road, Santacruz (W), Mumbai–400054 from accepting public deposits from any person in any form whether by way of fresh deposits or renewal of the deposits or otherwise as well as from selling, transf
Dec 22, 2011
The Gondal Nagrik Sahakari Bank Ltd., Gondal - Penalised
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Gondal Nagrik Sahakari Bank Ltd., Gondal, 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 granting loan to Directors, not correctly reporting loans to directors to Reserve Bank of India in the statutory returns on advances to directors and not submitting Cash Transact
The Reserve Bank of India has imposed a monetary penalty of `5.00 lakh (Rupees five lakh only) on The Gondal Nagrik Sahakari Bank Ltd., Gondal, 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 granting loan to Directors, not correctly reporting loans to directors to Reserve Bank of India in the statutory returns on advances to directors and not submitting Cash Transact
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
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
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