The Reserve Bank of India (RBI) has imposed monetary penalties on five urban cooperative banks in Gujarat for non-compliance with its directives related to ‘Investment by Primary (Urban) Co-operative Banks,’ ‘Know Your Customer (KYC),’ and ‘Loans and Advances to Directors.’
These banks are Shree Dhandhuka Janta Sahakari Bank, Chanasma Commercial Cooperative Bank, Thasra People’s Cooperative Bank, Janata Sahakari Bank, Halol and Shree Laxmi Mahila Sahakari Bank.
The Reserve Bank of India imposed a monetary penalty of Rs 2.50 lakh on Shree Dhandhuka Janta Sahakari Bank Ltd., Dhandhuka, dist. Ahmedabad, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’.
A monetary penalty of Rs 3 lakh has been imposed on the Chanasma Commercial Co-operative Bank Ltd., Chanasma, dist. Patan, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, their relatives and firms/concerns in which they are interested’ and ‘Know Your Customer (KYC)’.
Besides, RBI imposed a monetary penalty of Rs 3 lakh on the Thasra People’s Co-operative Bank Ltd., Thasra, dist. Kheda, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, their relatives and firms/concerns in which they are interested’ and ‘Management of Advances – UCBs’.
The Reserve Bank of India imposed a monetary penalty of Rs 2 lakh on Shri Janata Sahakari Bank Ltd., Halol, Dist. Panchmahal, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
A monetary penalty of Rs 1.60 lakh has been imposed on Shree Laxmi Mahila Sahakari Bank Limited, Mehsana, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’, ‘Know Your Customer (KYC)’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’.
