The Reserve Bank of India imposed monetary penalties on three cooperative banks including Telangana’s Catholic Cooperative Urban Bank, Kerala’s Kottarakara Cooperative Urban Bank and Mandsaur District Cooperative Bank.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 3.00 lakh on the Catholic Co-operative Urban Bank Limited, Telangana (the bank) for non-compliance with certain directions issued by RBI on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’, ‘Management of advances-UCBs’ and ‘Loans and advances to directors, their relatives, and firms /concerns in which they are interested’.
Besides,a monetary penalty of Rs 50,000 has been imposed on the Kottarakara Co-operative Urban Bank Limited, Kerala (the bank) for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF).
The Reserve Bank of India imposed a monetary penalty of Rs 2.50 lakh on Jila Sahakari Kendriya Bank Maryadit, Mandsaur, Madhya Pradesh (the bank), for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act).
These penalties have been imposed in exercise of powers vested in RBI, conferred under section 47A(1)(c) read with section 46(4)(i) and section 56 of the BR Act.