The Reserve Bank of India (RBI) has imposed, by order dated November 10, 2022, a monetary penalty on the following nine cooperative banks running different parts of the country for contravention of/ non-compliance with the directions issued by the RBI.
This penalty has been imposed in the exercise of powers vested in RBI under the provisions of Section 47A(1) (c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the directions issued by RBI.
Sl. No. | Name of Bank | Contravention of regulatory norms |
1. | The Berhampur Cooperative Urban Bank Ltd. Odishan | Non-compliance with the directions issued by RBI on (i) Exposure Norms and Statutory/Other Restrictions-UCBs (ii) certain provisions of the RBI – (Know Your Customer (KYC) Direction, 2016 and (iii) Depositor Education and Awareness Fund |
2. | The Kendrapara Urban Co-operative Bank Ltd., Kendrapara, Odisha | Contravention/non-compliance with the directions issued by RBI on the Depositor Education and Awareness Fund |
3. | Jamshedpur Urban Cooperative Bank Ltd., Jamshedpur, Jharkhand | Section 36(1) & Section 56 of the Banking Regulation Act, 1949 |
4. | Krishna Mercantile Co-operative Bank Ltd., Bhopal (M.P.) | contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions |
5. | Renuka Nagarik Sahakari Bank Maryadit, Ambikapur (Chhattisgarh) | contravention of/ non-compliance with the directions issued by the RBI to Urban Co-operative Banks on Exposure Norms & Statutory/ Other Restrictions and Know Your Customer (KYC) |
6. | Jila Sahakari Kendriya Bank Maryadit, Balaghat (M.P) | contravention of/ noncompliance with the provisions of the Banking Regulation Act, 1949 (the Act) and directions issued by NABARD on ‘Frauds - Guidelines for Classification, Reporting and Monitoring |
7. | Osmanabad Janata Sahakari Bank Ltd., Osmanabad (Maharashtra) | contravention of/ non-compliance with the directions issued by the RBI to Urban Cooperative Banks on Know Your Customer (KYC) |
8. | The Santrampur Urban Co-operative Bank Ltd., Santrampur, district Mahisagar (Gujarat) | contravention of directions issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’ |
9. | The Nawanagar Co-operative Bank Ltd., Jamnagar (Gujarat) | contravention of directions issued by RBI on ‘Loans and advances to directors etc.- directors as surety/guarantors-Clarification’. |
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