The Reserve Bank of India imposed monetary penalties on four cooperative banks including Jogindra Central Cooperative Bank, Solan, Fatehabad Central Cooperative Bank, Panvel Cooperative Urban Bank and Ambarnath Jai Hind Cooperative Bank on Monday.
RBI imposed a monetary penalty of Rs 3.50 lakh on Jogindra Central Co-operative Bank Ltd., Solan, Himachal Pradesh (the bank) for non-compliance with directions issued by National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds-Guidelines for Classification, Reporting and Monitoring’.
A monetary penalty of Rs 2.00 lakh has been imposed on the Fatehabad Central Cooperative Bank Limited, Fatehabad (the bank) for contravention of the provisions of section 26A (2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).
Besides, the apex bank imposed a monetary penalty of Rs 1.00 lakh on the Panvel Co-operative Urban Bank Ltd., Raigad, Maharashtra (the bank) for non-compliance with directions issued under ‘Supervisory Action Framework’ (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.
The Reserve Bank of India imposed a monetary penalty of Rs 3.00 lakh on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra (the bank) for non-compliance with certain provisions of RBI directions on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.
These penalties have been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
Last week, the Reserve Bank of India had imposed monetary penalties on five cooperative banks worth Rs 60.30 lakh and had extended the period of directions of Saibaba Janata Sahakari Bank, Maharashtra for a further period of three months.
The banks on which RBI imposed fines were Rajkot Nagarik Sahakari Bank, Zila Sahakari Bank, Kotdwar, Rajdhani Nagar Sahkari Bank, Dehradun District Cooperative Bank and Kangra Cooperative Bank.
