The Reserve Bank of India imposed a monetary penalty on six cooperative banks on Thursday for breaking the RBI norms and extended the validity of direction on a bank. The total fine imposed is worth Rs 6.25 lakh.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.00 lakh (Rupees One lakh only) on Sarvodaya Nagrik Sahakari Bank Ltd., Himmatnagar, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
A monetary penalty of Rs 2.00 lakh (Rupees Two lakh only) has been imposed on Porbandar Vibhagiya Nagarik Sahakari Bank Ltd., Porbandar, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
Similarly, RBI imposed a monetary penalty of Rs 2.50 lakh (Rupees Two lakh fifty thousand only) on Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Reserve Bank of India (Co-operative Banks – Interest Rate on Deposits) Directions, 2016’.
Besides, a monetary penalty of Rs 50,000/- (Rupees Fifty thousand only) has been imposed on the Khambhat Nagarik Sahakari Bank Ltd., Khambhat, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’ read with ‘Loans and Advances to Directors etc. – Directors as surety/guarantors – Clarification’.
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 25,000/- (Rupees Twenty-five thousand only) on The Vejalpur Nagarik Sahakari Bank Ltd., Vejalpur, dist. Panchmahal, Gujarat (the bank) for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
The directions issued to Thodupuzha Urban Co-operative Bank Ltd, Kerala shall continue to apply to the bank for a further period of three months, i.e., from the close of business on November 23, 2023 to the close of business on February 23, 2024, subject to review.
