The Reserve Bank of India imposed monetary penalties on four urban cooperative banks worth Rs 52.90 lakh for non compliance with certain directions issued by the RBI.
These banks are Pune People’s Cooperative Bank, Akola Janata Commercial Cooperative Bank, Cosmos Cooperative Bank and Smriti Nagrik Sahakari Bank.
A monetary penalty of Rs 25.00 lakh has been imposed on Pune People’s Co-operative Bank Ltd., Pune, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific direction issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL.
Besides, RBI imposed Rs 15.40 lakh on the Akola Janata Commercial Co-operative Bank Limited, Akola (the bank), for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.
Similarly, a monetary penalty of Rs 8.30 lakh has been imposed on the Cosmos Co-operative Bank Ltd. (the bank) for non-compliance with certain directions issued by RBI on ‘Management of Advances – UCBs’.
The Reserve Bank of India imposed a monetary penalty of Rs 4.20 lakh on Smriti Nagrik Sahakari Bank Maryadit, Mandsaur (MP) (the bank), for non-compliance with certain directions issued by RBI on ‘Customer Service – UCBs’ and ‘Loans and advances to directors, their relatives, and firms / concerns in which they are interested’.
These penalties have 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 Banking Regulation Act, 1949.
