RBI imposes penalties on 8 cooperative banks
Mumbai: Reserve Bank of India (RBI) on Monday said penalties have been imposed on eight cooperative banks for deficiencies in their regulatory compliances.
A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and non-compliance with the Master Directions on 'Know Your Customer (KYC)'.
RBI said a penalty of Rs 1 lakh has been imposed on The Varachha Co-operative Bank Ltd, Surat for contravention of certain norms of The Depositor Education and Awareness Fund Scheme, 2014.
Mogaveera Co-operative Bank Ltd, Mumbai has been penalised Rs 2 lakh for non-compliance with certain directions related to KYC norms.
A monetary penalty of Rs 2 lakh has been imposed on Vasai Janata Sahakari Bank, Palghar for contravention of/non-compliance with the directions issued by RBI on 'Exposure Norms and Statutory/ Other Restrictions UCBs'.
Further, the Reserve Bank has imposed a penalty of Rs 1 lakh on Rajkot Peoples Co-operative Bank, Rajkot for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested'.
A penalty of Rs 2 lakh has been imposed on Bhadradri Co-operative Urban Bank for non-compliance with directions issued by Reserve Bank of India on 'Exposure Norms and Statutory/ Other Restrictions-UCBs' and 'Management of Advances UCBs'.
Penalty of 1 lakh each has been imposed on The Jammu Central Co-operative Bank Ltd, Jammu and the Jodhpur Nagrik Sahakari Bank, Jodhpur for contravention of certain norms.
