The Reserve Bank of India imposed monetary penalties on four cooperative banks worth Rs 16 lakh for breaching the RBI’s norms and regulations and issued fresh directions on two banks including Sarvodaya Cooperative Bank and National Urban Cooperative Bank for a further period of six months.
These banks are Panchkula Urban Cooperative Bank, Nagar Sahakari Bank, Maharajganj, Urban Cooperative Bank, Maunath Bhajan and United Mercantile Urban Cooperative Bank, Kanpur.
The Reserve Bank of India imposed a monetary penalty of Rs 3 lakh on the Panchkula Urban Co-operative Bank Ltd., Panchkula (the bank) for non-compliance with certain provisions of RBI directions on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’.
A monetary penalty of Rs 5 lakh has been imposed on the Nagar Sahkari Bank Ltd., Maharajganj (the bank) for non-compliance with the specific directions issued by the RBI under Supervisory Action Framework (SAF).
Similarly, RBI imposed a monetary penalty of Rs 5.00 lakh (Rupees Five lakh only) on Urban Co-operative Bank Limited, Maunath Bhanjan (the bank) for non-compliance with prohibitory order/direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.
The Reserve Bank of India imposed a monetary penalty of Rs 3 lakh on United Mercantile Urban Co-operative Bank Limited, Kanpur (the bank) for non-compliance issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.
The penalties have been imposed in exercise of powers vested in the RBI under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.