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Business EconomyPosted at: Aug 14 2020 1:56PM


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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