The Reserve Bank of India imposed monetary penalties on four urban cooperative banks of Karnataka for non-compliance with certain directions of RBI on KYC and SAF.
These banks are Manjra Mahila Urban Cooperative Bank, Sri Basaveshwara Pattana Sahakara Bank, Swami Vivekanand Sahakari Bank and the Bharat Cooperative Bank, Bengaluru.
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on Manjra Mahila Urban Co-operative Bank Limited, Bidar, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’.
A monetary penalty of Rs 1 lakh has been imposed on Sri Basaveshwara Pattana Sahakara Bank Niyamit, Sindgi, Karnataka (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’.
Besides, RBI imposed a monetary penalty of Rs 1 lakh (Rupees One Lakh only) on Swami Vivekanand Sahakari Bank Niyamit, Nidagundi, Karnataka (the bank) for non-compliance with certain directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’.
The Reserve Bank of India imposed a monetary penalty of Rs 3 lakh on the Bharat Co-operative Bank Ltd., Bengaluru (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’.
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.