The Reserve Bank of India imposed monetary penalties on three cooperative banks for breaching various norms and regulations.
These banks are Sri Kalahasti Cooperative Town Bank, Urban Cooperative Bank, Dharangaon and Bhind District Cooperative Central Bank.
The Reserve Bank of India imposed a monetary penalty of Rs 50,000 on Sri Kalahasti Co-operative Town Bank Limited, Andhra Pradesh (the bank) for non-compliance with provisions of Section 31 of the Banking Regulation Act, 1949 (BR Act).
A monetary penalty of Rs 50,000 has been imposed on the Urban Co-operative Bank Limited, Dharangaon, Maharashtra (the bank), for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF).
RBl imposed a monetary penalty of Rs 2.75 lakh on Jilla Sahakari Kendriya Bank Maryadit, Bhind, Madhya Pradesh (the bank) for contravention of the provisions of section 26A read with section 56 of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’.
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 BR Act and section 25 of the Credit Information Companies (Regulation) Act, 2005.