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Business Economy

RBI Imposes penalty of Rs 10 lakh on four co-op banks

Mumbai, Aug 14 (UNI) Reserve Bank of India (RBI) has imposed a total penalty of Rs 10 lakh on four cooperative banks for deficiencies in regulatory compliance.
A penalty of Rs 5 lakh has been imposed on Jowai Co-operative Urban Bank Limited for contravention of the directions issued by RBI on 'Exposure Norms and Statutory/Other Restrictions-UCBs', the central bank said.
RBI said the inspection/scrutiny report of the bank based on its financial position as on March 31, 2018, revealed, inter alia, contravention of/ non-compliance with the norms.
Based on the same, a notice was issued to the bank asking it "to show cause as to why penalty should not be imposed" for non-compliance with the directions.
After considering the bank's reply, oral submissions made during the personal hearing and additional submission made after the personal hearing, RBI came to the conclusion that the aforesaid charges of non-compliance were substantiated and warranted imposition of monetary penalty, it said.
The RBI has also imposed a penalty of Rs 2 lakh each on The Krishnanagar City Co-operative Bank Limited and The Tura Urban Cooperative Bank Limited for similar contraventions.
RBI in a separate statement said a penalty of Rs 1 lakh has been slapped on The Co-operative Urban Bank Ltd for contravention of the directions issued by it on 'Exposure Norms and Statutory/Other Restrictions-UCBs'.
The RBI added that the actions on the banks are based on deficiencies in regulatory compliance and not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
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Telangana Minister to present FTCCI excellence awards in Hyderabad on Jan 23

19 Jan 2021 | 5:19 PM

Hyderabad, Jan 19 (UNI) Telangana Minister for Municipal Administration and Industries K T Rama Rao (KTR) will present the Federation of Telangana Chambers of Commerce and Industry (FTCCI) Excellence Awards here on Saturday.

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19 Jan 2021 | 5:14 PM

NASHIK, India, Jan. 19, 2021 /PRNewswire/ -- The renowned real estate developer Karda Constructions Limited has reported a strong growth momentum in new bookings (pre-sales) in the third quarter of the current financial year (Q3 FY20-21), indicating a turnaround in India's housing sector.

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STT GDC, India to set up Greenfield Data Centre Campus project in Noida

19 Jan 2021 | 5:07 PM

Lucknow, Jan 19 (UNI) In a big boost to development of key IT infrastructure to fulfill the needs of industry and businesses, a Singapore-based ST Telemedia Global Data Centres (STT GDC) India has proposed to develop a Greenfield Data Centre Campus in Noida in Uttar Pradesh.

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SpiceJet ties-up with Adani Ahmedabad Int Airport for delivery of Covid-19 vaccine

SpiceJet ties-up with Adani Ahmedabad Int Airport for delivery of Covid-19 vaccine

19 Jan 2021 | 4:58 PM

Kolkata, Jan 19 (UNI) With the launch of the biggest vaccination drive in India in the fight against Covid-19 pandemic, SpiceJet, has taken yet another step forward and signed a Memorandum of Understanding (MoU) with Adani Ahmedabad International Airport Limited (AAIAL) which operates Sardar Vallabhbhai Patel International Airport to provide seamless transportation of Covid-19 vaccine.

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India Innovation Index 2020 will be out Wednesday

19 Jan 2021 | 4:49 PM

New Delhi, Jan 19 (UNI) The second edition of the India Innovation Index 2020, capturing the trends and providing detailed analyses of the various factors that drive innovation at the country, state, and district levels will be released on Wednesday.

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