The Reserve Bank of India imposed a monetary penalty on Odisha State Cooperative Bank and the three urban cooperative banks of Gujarat. These banks are Vadali Nagarik Sahakari Bank, Kosamba Mercantile Cooperative Bank and Shree Savli Nagrik Sahakari Bank.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 4.00 lakh on the Odisha State Co-operative Bank Ltd., (the bank) for non-compliance with the provisions of Section 9 and Section 26A of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 2.00 lakh has been imposed on the Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’; ‘Placement of deposits with other banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’.
Besides, RBI imposed a monetary penalty of Rs 2.00 lakh on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’.
A monetary penalty of Rs 2.10 lakh has been imposed on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’, ‘Know Your Customer (KYC)’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’.
