Reserve Bank of India imposed a penalty on 20 cooperative banks on Monday out of which 17 banks are from Gujarat and others are located in Andhra Pradesh, Delhi and Maharashtra, for various acts of omission and commission.
The banks from Gujarat are Bechraji Nagarik Sahakari Bank Ltd., Bechraji, Shree Vardhaman Sahakari Bank Ltd., Vadodara, Nagarik Sahakari Bank Ltd., Babra, district Amreli, Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, district Vadodara, Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad, Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad, Halol Mercantile Co-operative Bank Ltd., Halol, Dist. Panchmahal, Saraspur Nagrik Co-operative Bank Ltd., Ahmedabad, Bodeli Urban Co-operative Bank Ltd., Bodeli, Dist. Chhota Udepur, Lakhwad Nagarik Sahakari Bank Ltd., Lakhwad, district Mehsana, Viramgam Mercantile Co-operative Bank Ltd., Viramgam, district Ahmedabad, Halol Urban Co-operative Bank Ltd., Halol, Dist. Panchmahal, Harij Nagrik Sahakari Bank Ltd., Harij, district Patan, Janata Co-operative Bank Ltd., Godhra, Dist. Panchmahal, Sardar Gunj Mercantile Co-operative Bank Ltd., district Anand, Kachchh District Central Co-operative Bank Ltd., Kachchh (Gujarat) and Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad.
The heaviest fine has been imposed on Bhuj Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat) i.e Rs 7 lakh for contravening directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’ and ‘Master Circular- Management of Advances – UCBs’.
Besides, Bassein Catholic Cooperative Bank, Delhi State Cooperative Bank and Andhra Pradesh State Cooperative Bank are the banks fined by RBI.
