The Reserve Bank of India has penalized about ten urban cooperative banks just as NAFCUB concluded its AGM recently in Delhi blaming the RBI for penalizing UCBs rather mercilessly. The penalties range from a few thousands to 50 lakhs.
The Reserve Bank of India imposed a monetary penalty of Rs 50.00 lakh on The Jalgaon People’s Co-operative Bank, Maharashtra. The UCB was fined for non-compliance with the directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’ (IRAC norms), ‘Maintenance of Deposit Accounts’ and ‘Interest Rate on Deposits’.
The Andaman & Nicobar State Co-operative Bank was fined Rs 5 lac for non-compliance with the provisions of Section 20 read with Section 56 of BR Act, 1949 (AACS).
Bhatpara-Naihati Cooperative Bank Ltd., North 24 Parganas, West Bengal was fined Rs 4.00 lakh for non-adherence with the directions issued by RBI to Urban Cooperative Bank on (i) “Exposure Norms and Statutory / Other Restrictions – UCBs” and (ii) “Management of Advances – UCBs”.
The Reserve Bank of India imposed a monetary penalty of Rs 3.00 lakh on the Hissar Urban Cooperative Bank for contravention of Section 35A and section 36 (1) read with Section 56 of the Banking Regulation Act, 1949.
RBI imposed a monetary penalty of Rs 0.25 lakh on The Talod Nagarik Sahakari Bank Ltd., Sabarkantha (Gujarat) for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’.
The Varachha Co-operative Bank Ltd., Surat was penalized Rs 1 lac for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification-UCBs’.
The Reserve Bank of India imposed a monetary penalty of Rs 0.25 lakh on Shree Parswanath Co-operative Bank Ltd., Rajkot (Gujarat) for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification-UCBs’.
Shree Botad Mercantile Co-operative Bank was fined Rs 0.25 lac for contravention of directions issued by RBI on ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’.
The Reserve Bank of India imposed a monetary penalty of Rs 1.00 lakh on Balitikuri Cooperative Bank LtdWest Bengal as the bank was found guilty of contravention of/non-compliance with the directions issued by RBI on Know Your Customer (KYC).
RBI imposed a monetary penalty of Rs 10,000 (on Budge Budge Nangi Cooperative Bank Ltd., Budge Budge, West Bengal for contravention of/ non-compliance with the directions issued by RBI to Urban Cooperative Banks on “Exposure Norms and Statutory / Other Restrictions – UCBs”.
The Reserve Bank of India (RBI) has imposed, by an order dated September 22, 2022, a monetary penalty of Rs 10,000/- (Rupees Ten thousand only) on
The Urban Co-operative Bank Ltd., Cuttack, Odisha was fined Rs 10 thousand for contravention of/ non-compliance with the directions issued by RBI on the Depositor Education and Awareness Fund.
The Reserve Bank of India imposed a monetary penalty of Rs 10,000/- on The Urban Co-operative Bank Ltd., Cuttack, Odisha for contravention of/ non-compliance with the directions issued by RBI on the Depositor Education and Awareness Fund.