The Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks for various lapses and regulatory violations under the Banking Regulation Act, 1949.
These banks are Jammu Central Cooperative Bank, Shree Warana Sahakari Bank, Sree Harihareshwara Urban Cooperative Bank, Nicholson Cooperative Town Bank, and Vishwakalyan Sahakara Bank.
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Jammu Central Co-operative Bank Ltd., Jammu and Kashmir, for non-compliance with specific directions issued by RBI under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 2.00 lakh has been imposed on Shree Warana Sahakari Bank Limited, Warananagar, Maharashtra, for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 50,000 has been imposed on Sree Harihareshwara Urban Co-operative Bank Limited, Harihar, Karnataka, for contravention of provisions of Section 31 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 1.50 lakh has been imposed on Nicholson Co-operative Town Bank Ltd., Tamil Nadu, for non-compliance with certain directions issued by RBI regarding ‘Loans and Advances to Directors, their Relatives, and Firms/Concerns in Which They Are Interested’ and ‘Know Your Customer (KYC)’.
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on Vishwakalyan Sahakara Bank Niyamit, Hubli, Karnataka, for contravention of provisions of Section 31 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.