Last week the Reserve Bank of India imposed penalties on two UCBs namely Buldhana based Anuradha Urban Co-operative Bank and Durg based Nagrik Sahakari Bank Maryadit.
A monetary penalty of Rs 1.00 lakh was imposed on Anuradha Urban Co-operative Bank Ltd., for non-compliance with the directions issued by RBI on Board of Directors and Exposure Norms & Statutory/ Other Restrictions-UCBs.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says RBI.
Penalty of Rs 2.00 lakh was imposed on Nagrik Sahakari Bank Maryadit, Durg, Chhattisgarh for non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions-UCBs and Know Your Customer (KYC).
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, says RBI in this case also.
