The Reserve Bank of India imposed a penalty on four urban cooperative banks for breaching the RBI norms and regulations. These banks are Sivakasi Cooperative Urban Bank, Batlagundu Cooperative Urban Bank, Belgaum District Revenue Employees Cooperative Bank and Janata Sahakari Bank, Pune.
A monetary penalty of Rs 50,000 has been imposed on the Sivakasi Co-operative Urban Bank Limited, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
RBI imposed a monetary penalty of Rs 50,000 on Batlagundu Co-operative Urban Bank Limited, Dindigul, Tamil Nadu (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
Besides, A monetary penalty of Rs 50,000 has been imposed on Belgaum District Revenue Employees’ Co-operative Bank Limited, Belgaum, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
A monetary penalty of Rs 17.50 lakh has been imposed on Janata Sahakari Bank Limited, Pune (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.
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 Banking Regulation Act, 1949.
