The Reserve Bank of India imposed monetary penalties on Hirasugar Employees Cooperative Bank and National Insurance Employees Cooperative Credit & Banking Society on Monday.
A monetary penalty of Rs 2,00,000 has been imposed on the National Insurance Employees’ Co-operative Credit & Banking Society Limited, Kolkata (the bank) for non-compliance with certain provisions of RBI directions on ‘Investments by Primary (Urban) Co-operative Banks’ and ‘Know your Customer (KYC) Direction, 2016’.
The apex bank imposed a monetary penalty of Rs 25,000 on the Hirasugar Employees’ Co-operative Bank Limited, Belagavi, Karnataka (the bank) for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions ? UCBs’.
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.