The Reserve Bank of India (RBI) Monday imposed monetary penalties on seven co-operative banks for contravention of/non-adherence with the certain norms issued by the central bank for the co-operative banks.
These banks are Textile Traders Co-operative Bank Ltd, Ujjain Nagarik Sahakari Bank Maryadit, Panihati Co-operative Bank, The Berhampur Co-operative Urban Bank, Solapur Siddheshwar Sahakari Bank, Uttar Pradesh Co-operative Bank Limited and the Uttarpara Co-operative Bank, the central bank said in statements.
Textile Traders Co-operative Bank Ltd
The RBI imposed a monetary penalty of ₹4.50 lakh on Textile Traders Co-operative Bank Ltd., Ahmedabad (Gujarat) (the bank) for contravention of directions issued by RBI on ‘Co-operative Banks – Interest Rate on Deposits’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorized Electronic Banking Transactions’, and ‘Know Your Customer (KYC)’, the central bank said in a statement.
The Uttarpara Co-operative Bank Ltd., West Bengal
The central bank said it has imposed a monetary penalty of ₹2,50,000 on The Uttarpara Co-operative Bank Ltd., West Bengal (the bank) for contravention of/ non-adherence with the directions issued by RBI on “Exposure Norms and Statutory / Other Restrictions – UCBs” and “Know Your Customer (KYC)”.
Solapur Siddheshwar Sahakari Bank Limited, Solapur (Maharashtra)
The RBl imposed a monetary penalty of ₹1.50 lakh on Solapur Siddheshwar Sahakari Bank Limited, Solapur (Maharashtra) for contravention of/ non-adherence with the directions issued by RBI on Know Your Customer (KYC).
The Berhampur Co-operative Urban Bank Ltd., Odisha
The central bank said it has imposed a monetary penalty of ₹1.00 lakh on The Berhampur Co-operative Urban Bank Ltd., Odisha for contravention of directions issued by RBI on (i) ‘Exposure Norms and Statutory/Other Restrictions – UCBs’ and (ii) ‘Know Your Customer (KYC)’.
Panihati Co-operative Bank Ltd
The Reserve Bank of India imposed a monetary penalty of ₹2,50,000 on Panihati Co-operative Bank Ltd. for contravention of/ non-adherence with the directions issued by RBI on (i) “Exposure Norms and Statutory / Other Restrictions – UCBs” and (ii) “Know Your Customer (KYC) Direction, 2016″….Read More
Source By: livemint
