The Reserve Bank of India (RBI) has imposed fine on 5 cooperative banks for violation of rules. A fine of Rs 5 lakh each has been imposed on two of these banks.
The Reserve Bank of India (RBI) has imposed fine on 5 cooperative banks for violation of rules. These co-operative banks are: Indapur Urban Co-operative Bank Limited, Jankalyan Co-operative Bank Limited, The Patan Urban Co-operative Bank Limited, Pune Merchants Co-operative Bank Limited and Pune Municipal Corporation Servants Co-operative Urban Bank Limited.
How much penalty on which bank?
The Reserve Bank has imposed a penalty of ₹5 lakh on Indapur Urban Co-operative Bank Ltd, Pune, Maharashtra for non-compliance with the directions issued by RBI on investment, maintenance by urban co-operative banks. Similarly, the Reserve Bank has imposed a penalty of ₹5 lakh on Jankalyan Sahakari Bank Ltd, Mumbai for non-compliance with directions on reporting large exposures to the Central Repository of Information on Large Credit. Apart from this, a fine of ₹ 2 lakh was imposed on Patan Urban Co-operative Bank Limited, Satara, Maharashtra.
The Reserve Bank imposed a monetary penalty of ₹1 lakh on Pune Merchants Co-operative Bank Ltd, Pune. RBI said Pune Merchants Co-operative Bank has not conducted annual review of inoperative/inoperative accounts. RBI imposed a monetary penalty of ₹1 lakh on Pune Municipal Corporation Servants Co-operative Urban Bank Ltd, Pune. The banking regulator said Pune Municipal Corporation Sevak Sahakari Urban Bank has not conducted an annual review of inactive/dormant accounts.
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