The Reserve Bank of India (RBI) imposes monetary penalties on four Co-operative banks for contravention of its directions on 3rd October 2022.
RBI imposes monetary penalty on The Lunawada Peoples Co-operative Bank Ltd., Mahisagar (Gujarat) The Reserve Bank of India (RBI) has imposed, by an order dated September 27, 2022, a monetary penalty of ₹50,000/- on The Lunawada Peoples Co-operative Bank Ltd., Mahisagar (Gujarat) for contravention of directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘Loans and advances to directors etc - directors as surety/guarantors - Clarification’.
RBI imposes monetary penalty on Nagpur Nagarik Sahakari Bank Ltd., Nagpur The Reserve Bank of India (RBI) has, by an order dated September 27, 2022, imposed a monetary penalty of ₹18.50 lakh on Nagpur Nagarik Sahakari Bank Ltd., Nagpur (the bank) for non-compliance with RBI directions on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
The Reserve Bank of India (RBI) has, by an order dated September 26, 2022, imposed a monetary penalty of ₹28.00 lakh on Rajarambapu Sahakari Bank Ltd. Peth, Sangli (the bank) for non-compliance with RBI directions on ‘Customer Protection - Limiting Liability of Customers of Cooperative Banks in Unauthorised Electronic Banking Transactions’ and on ‘Interest Rate on Deposits’.
The Reserve Bank of India (RBI) has, by an order dated September 29, 2022, imposed a monetary penalty of ₹20.00 lakh (Rupees Twenty lakh only) on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra (the bank) for non-compliance with RBI directions on ‘Frauds monitoring and reporting mechanism’.
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