The Reserve Bank of India has imposed penalties on three Urban Cooperative Banks on Monday. The UCBs punished are Baramati Sahakari Bank, Mogaveera Co-operative Bank Limited and Parwanoo Urban Co-operative Bank.
RBI imposed a fine of Rs 1 lac on the Baramati Sahakari Bank for the failure of the bank to adhere to the directions issued by the RBI. The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, clarifies RBI.
A penalty of Rs 12 lakh was imposed on Mogaveera Co-operative Bank Limited, Mumbai for contravention of the provisions such as on Maintenance of Deposit Accounts and Know Your Customer (KYC) Directions.
The Reserve Bank of India imposed a monetary penalty of Rs 6.00 lakh on the Parwanoo Urban Co-operative Bank Limited, Parwanoo (the bank) for non-compliance with certain directions issued by RBI. These are ‘Exposure Norms and Statutory / Other Restrictions – UCBs’.
This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
