The Reserve Bank of India imposed monetary penalties of Rs 13 lakh on three cooperative banks on Thursday.
These banks are UP Postal Primary Cooperative Bank, Uttarkashi District Cooperative Bank and Mahoba Urban Cooperative Bank.
A monetary penalty of Rs 3 Lakh has been imposed on the U. P. Postal Primary Co-operative Bank Ltd., Lucknow (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF).
Similarly, RBI imposed a monetary penalty of Rs 2 lakh on the Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi (the bank) for contravention of the provisions of section 20(1) and section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act).
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 8.00 lakh on the Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh (the bank) for contravention of the provisions of section 26A(2) read with section 56 of the Banking Regulation Act, 1949 (BR Act), non-compliance with directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’ and ‘Exposure Norms and Statutory / Other Restrictions – UCBs’.
These penalties have been imposed in exercise of powers vested in RBI, conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.
