The Reserve Bank of India imposed a monetary penalty on two urban cooperative banks of Mehsana, Gujarat worth Rs 7 lakh.
These banks are Marketyard Commercial Cooperative Bank and Kheralu Nagrik Sahakari Bank.
The Reserve Bank of India fined Marketyard Commercial Cooperative Bank, Unjha, Gujarat, Rs 5.50 lakh for violating RBI guidelines on donations, loans to directors and their relatives, and KYC norms.
A monetary penalty of Rs 1.50 lakh has been imposed on the Kheralu Nagrik Sahakari Bank Limited, Dist. Mehsana, Gujarat (the bank) for non-compliance with directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’.
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 Banking Regulation Act, 1949.
