The Reserve Bank of India imposed a monetary penalty on Omkar Nagariya Sahakari Bank and extended the period of directions on City Cooperative Bank for further three months on Tuesday.
The apex bank imposed a monetary penalty of Rs 3. lakh on Omkar Nagariya Sahakari Bank Ltd., Kanpur (the bank) for non-compliance with direction issued under ‘Supervisory Action Framework (SAF) for Primary (Urban) Co-operative Banks (UCBs)’.
This penalty has 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.
All other terms and conditions of the Directives on Mumbai based City Cooperative Bank under reference shall remain unchanged. A copy of the directive dated April 16, 2024 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.