The Reserve Bank of India imposed monetary penalties on Gujarat based Halol Mercantile Cooperative Bank and Apani Sahakari Bank worth of Rs 4.50 lakh for non-compliance with certain directions issued by RBI on ‘Loans and advances to director
A monetary penalty of Rs 1.00 lakh (Rupees One Lakh only) on The Halol Mercantile Co-operative Bank Ltd., Dist. Panchmahal, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’ and ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’.
RBI imposed a monetary penalty of Rs 3.50 lakh on Apani Sahakari Bank Ltd., Ahmedabad, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Know Your Customer (KYC)’.
