The Reserve Bank of India has imposed a monetary penalty of Rs 2.00 lakh on the Trichur Urban Co-operative Bank Ltd., Thrissur, Kerala for non-compliance with directions issued by RBI on Management of Advance- UCBs.
Another bank on which RBI imposed a monetary penalty of Rs 1.25 lakh is Bhilai Nagarik Sahakari Bank Maryadit, Bhilai (Chhattisgarh). The UCB was faulted for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 (the Act) and the Depositor Education and Awareness Fund Scheme, 2014 (the Scheme).
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, says the RBI.
For a change the Reserve Bank of India imposed a monetary penalty of Rs one crore seventy three lakh and seventy five thousand on The Hongkong and Shanghai Banking Corporation Limited for contravention of Rule 20(1) of Credit Information Companies Rules, 2006 (CIC Rules).
