RBI imposes monetary penalties on 9 cooperative banks on account of various contraventions or non-compliances of laid down guidelines

RBI imposes monetary penalties on 9 cooperative banks on account of various contraventions or non-compliances of laid down guidelines

• The Reserve Bank of India (RBI) has imposed monetary penalties on 9 cooperative banks on account of various contraventions or non-compliances of laid down guidelines.
• These banks are The Berhampur Cooperative Urban Bank, The Kendrapara Urban Co-operative Bank, The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka NagarikSahakari Bank Maryadit, JilaSahakariKendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.
• RBI said in nine standalone statements that the monetary penalties slapped on these banks range from  25,000 to ₹ 3.1 lakh rupees,
• The RBI said this action is 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 its customers. After considering the banks' reply to the notice, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

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Published date : 16 Nov 2022 04:30PM