The Reserve Bank of India imposed monetary penalties on Lucknow University Primary Cooperative Bank, Urban Cooperative Bank, Anantnag and Dr Babasaheb Ambedkar Sahakari Bank worth Rs 8.50 lakh on Thursday.
A monetary penalty of Rs 5 lakh has been imposed on the Urban Co-operative Bank Limited., Anantnag (the bank) for non-compliance with directions issued by RBI on ‘Investments by Primary (Urban) Co-operative Banks.
Similarly, the Reserve Bank of India imposed a monetary penalty of Rs 3 lakh on Lucknow University Primary Co-operative Bank Ltd., Lucknow (the bank) for non-compliance with the direction issued by RBI on ‘Investments by Primary (Urban) Co-operative Banks.
Additionally, a monetary penalty of Rs 50,000 has been imposed on Dr. Babasaheb Ambedkar Sahakari Bank Limited, Nashik, Maharashtra (the bank), for non-compliance with directions issued by RBI on ‘Loans and advances to directors, relatives, and firms/concerns in which they are interested.
These penalties have been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.