The Reserve Bank of India imposed monetary penalties on five urban cooperative banks worth of Rs 22.60 lakh. The penalties have been imposed on Shri Vaibhav Lakshmi Mahila Nagrik Sahakari Bank, Guna Nagarik Sahakari Bank, Indore Paraspar Sahakari Bank, Raj Rajeshwari Mahila Nagarik Sahakari Bank and Bharat Cooperative Bank.
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 on Shri Vaibhav Lakshmi Mahila Nagrik Sahakari Bank Maryadit, Jhabua, Madhya Pradesh (the bank), for non-compliance with the 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.
A monetary penalty of Rs 1.00 lakh has been imposed on Guna Nagarik Sahakari Bank Maryadit, Guna, Madhya Pradesh (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.
Similarly, RBI imposed a monetary penalty of Rs 4.50 lakh on Indore Paraspar Sahakari Bank Maryadit, Indore (MP) (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, a monetary penalty of Rs 1.10 lakh imposed on Raj Rajeshwari Mahila Nagrik Sahakari Bank Maryadit, Shajapur (MP) (the bank), for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and classification’, and specific directions issued by RBI on making contribution to the Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL.
A monetary penalty of Rs 15 lakh on Bharat Co-operative Bank (Mumbai) Limited (the bank), for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.
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.
