The Reserve Bank of India (RBI) has imposed monetary penalties on Mahila Sahakari Bank (Vadodara, Gujarat), Guntur District Cooperative Central Bank (Andhra Pradesh), and Gulbarga & Yadgir District Cooperative Central Bank (Karnataka) for non-compliance with regulatory norms.
RBI imposed a monetary penalty of Rs 25,000 on Mahila Sahakari Bank Ltd., Dist. Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
A monetary penalty of Rs 50,000 has been imposed on the Guntur District Co-operative Central Bank Ltd., Andhra Pradesh (the bank) for contravention of provisions of Section 31 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
Reserve Bank of India imposed a monetary penalty of Rs 50,000 on the Gulbarga and Yadgir District Co-operative Central Bank Ltd., Karnataka (the bank) for non-compliance with certain directions issued by the NABARD in exercise of powers conferred under Section 27(3) read with Section 56 of the Banking Regulation Act, 1949 (BR Act) on ‘Offsite Surveillance System-Revision of Due dates for Submission of OSS/FMS Returns’.
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 BR Act.
