The Reserve Bank of India (RBI) imposed monetary penalties totaling Rs 22.96 lakh on four urban cooperative banks, including a hefty fine of Rs 15 lakh on Gujarat-based SBPP Cooperative Bank.
Other banks penalized include Tarapur Cooperative Urban Bank, Bhadran People’s Cooperative Bank and Vaishya Sahakari Bank.
A monetary penalty of Rs 15 lakh has been imposed on SBPP Co-operative Bank Limited, Killa Pardi (Dist. Valsad) (the bank), for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.
Besides, RBI imposed a monetary penalty of Rs 1 lakh on Tarapur Co-operative Urban Bank Ltd., Dist. Anand, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
A monetary penalty of Rs 1 lakh has been imposed on the Bhadran People’s Co-operative Bank Ltd., Dist. Anand, Gujarat (the bank) for non-compliance with the certain directions issued by RBI on ‘Interest Rate on Deposits’ and ‘Know Your Customer (KYC)’.
The Reserve Bank of India imposed a monetary penalty of Rs 5.96 lakh on Vaishya Sahakari Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL.
These penalties have 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.
