- In addition to placing restrictions on New India Co-op Bank, the Reserve Bank of India (RBI) has also imposed monetary penalties on five cooperative banks due to various lapses and omissions.
- The banks affected include Sulaimani Cooperative Bank, Mahanagarpalika Shikshan Vibhag Sahakari Bank, Salem Urban Cooperative Bank, Ramanathapuram Cooperative Urban Bank, and Tiruppur Cooperative Urban Bank.
- The RBI imposed a penalty of Rs 2.00 lakh on Sulaimani Co-operative Bank Ltd.
- in Vadodara, Gujarat, for failing to comply with certain directives regarding the ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Interest Rate on Deposits’.
- Mumbai’s Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd.
In addition to placing restrictions on New India Co-op Bank, the Reserve Bank of India (RBI) has also imposed monetary penalties on five cooperative banks due to various lapses and omissions.
The banks affected include Sulaimani Cooperative Bank, Mahanagarpalika Shikshan Vibhag Sahakari Bank, Salem Urban Cooperative Bank, Ramanathapuram Cooperative Urban Bank, and Tiruppur Cooperative Urban Bank.
The RBI imposed a penalty of Rs 2.00 lakh on Sulaimani Co-operative Bank Ltd. in Vadodara, Gujarat, for failing to comply with certain directives regarding the ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Interest Rate on Deposits’.
Mumbai’s Mahanagarpalika Shikshan Vibhag Sahakari Bank Ltd. faced a penalty of Rs 50,000 for not adhering to the RBI’s guidelines on ‘Know Your Customer (KYC)’.
The Salem Urban Co-operative Bank Ltd. in Tamil Nadu was fined Rs 1.75 lakh for non-compliance with RBI’s directives concerning ‘Loans and Advances to Directors, Their Relatives, and Firms/Concerns in Which They Are Interested’, ‘Exposure Norms and Statutory / Other Restrictions – UCBs’, and ‘Know Your Customer (KYC)’.
Ramanathapuram Co-operative Urban Bank Ltd. in Ramanathapuram, Tamil Nadu, was also penalized with Rs 50,000 for not following the RBI’s ‘Know Your Customer (KYC)’ norms.
Lastly, the RBI imposed a penalty of Rs 1.50 lakh on Tiruppur Co-operative Urban Bank Ltd. in Tamil Nadu for failing to comply with RBI’s directives on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’ and ‘Know Your Customer (KYC)’.