The Reserve Bank of India has imposed penalties on five cooperative banks for breaching RBI norms. Vaish Cooperative Adarsh Bank, Central Cooperative Bank Bikaner, Samarth Sahakari Bank, Chitradurga District Cooperative Bank, and Indira Mahila Sahakari Bank have all faced monetary fines for various compliance failures.
Vaish Cooperative Adarsh Bank Limited, New Delhi, has been fined Rs 1.00 lakh for non-compliance with the ‘Know Your Customer (KYC) Directions, 2016.’
The Central Co-operative Bank Limited, Bikaner, Rajasthan, incurred a penalty of Rs 2.00 lakh for failing to comply with directions issued by the National Bank for Agriculture and Rural Development (NABARD) on ‘Frauds – Guidelines for Classification, Reporting, and Monitoring.’
Samarth Sahakari Bank Limited, Solapur, Maharashtra, faces a penalty of Rs 50,000 for non-compliance with RBI directions on ‘Exposure Norms and Statutory/Other Restrictions – UCBs.’
Chitradurga District Co-operative Central Bank Limited, Chitradurga, Karnataka, has been penalized Rs 50,000 for non-compliance with NABARD’s directions on ‘Frauds – Guidelines for Classification, Reporting, and Monitoring.’
Indira Mahila Sahakari Bank Limited, Malegaon, Maharashtra, received a penalty of Rs 75,000 for non-compliance with certain provisions of RBI Directions on ‘Policy and Practice regarding Nominal Membership’ and ‘Exposure Norms & Statutory/Other Restrictions – UCBs.’
These penalties were imposed under the powers vested in RBI, conferred by the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949.
