The Reserve Bank of India imposed monetary penalties on three urban cooperative banks on Thursday. These banks are Satara Sahakari Bank, Udgir Urban Cooperative Bank and Lokmangal Cooperative Bank.
RBI imposed a monetary penalty of Rs 2.00 lakh on the Satara Sahakari Bank Limited, Mumbai, Maharashtra (the bank) for non-compliance with certain provisions of section 12(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act) and directions issued by RBI on ‘Prudential Norms on Capital Adequacy – Primary (Urban) Co-operative Banks (UCBs)’.
A monetary penalty of Rs 1.00 lakh has been imposed on the Udgir Urban Co-operative Bank Limited, Udgir (Maharashtra) (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms & Statutory/Other Restrictions – UCBs and ‘Board of Directors – UCBs’.
The apex bank imposed a monetary penalty of Rs 5.00 lakh on Lokmangal Co-operative Bank Limited, Solapur (the bank) for non-compliance with the directions issued by RBI on Know Your Customers (KYC).
These penalties have been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
