The Reserve Bank of India imposed monetary penalties on Karnataka based Kanara District Central Cooperative Bank, Raichur District Central Cooperative Bank and Tamil Nadu’s Periyakulam Cooperative Urban Bank.
The RBI imposed a monetary penalty of Rs 1,00,000 on the Kanara District Central Co-operative Bank Ltd., Karnataka (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 50,000 has been imposed on the Raichur District Central Co-operative Bank Ltd., Karnataka (the bank) for contravention of provisions of Section 20 read with Section 56 of the Banking Regulation Act, 1949 (BR Act).
The Reserve Bank of India (RBI) has, by an order dated November 25, 2024, imposed a monetary penalty of Rs 2,00,000 on the Periyakulam Co-operative Urban Bank Ltd., Tamil Nadu (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’ and certain directions issued by RBI on ‘Issue and regulation of share capital and securities ? Primary (Urban) Co-operative Banks’ and ‘Prudential Norms on Capital Adequacy – 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.