Latest News | RBI Penalises Four Cooperative Banks

Mumbai, Apr 11 (PTI) Reserve Bank of India (RBI) imposed penalties totalling Rs 4 lakh on four cooperative banks for deficiencies in regulatory compliances.

According to four separate releases, the penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

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A penalty of Rs 1.50 lakh has been levied on Andarsul Urban Co-operative Bank, Andarsul (Maharashtra) while a fine of Rs 1 lakh has been imposed on Mahesh Urban Cooperative Bank, Ahmedpur, Maharashtra.

Besides, a penalty of Rs 50,000 has been slapped on The Nanded Merchant's Cooperative Bank, Nanded.

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These banks are facing penalties for non-adherence with directions issued by the central bank on "board of directors and exposure norms & statutory/other restrictions-UCBs."

A fine of Rs 1 lakh has been imposed on Jila Sahakari Kendriya Bank Maryadit, Shahdol, for non-compliance with the provisions of Banking Regulation Act 1949, Depositor Education and Awareness Fund Scheme 2014, and directions on Know Your Customer (KYC).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)