The RBI has, by an order dated 12th December, imposed a penalty of Rs 5 lakh on Janakalyan Sahakari Bank Ltd, Mumbai, for non-compliance with the directions on ‘reporting of large exposures to the central repository of information on large credits (CRILC)’.
In another order dated 22nd November, the RBI imposed a penalty of Rs 1 lakh on Pune Merchants Cooperative Bank Ltd for non-compliance with the directions issued on maintenance of deposit accounts – primary (urban) cooperative banks (UCBs).
By an order dated 23rd November, the RBI has imposed a penalty of Rs1 lakh on Pune Municipal Corporation Servant’s Cooperative Urban Bank Ltd for non-compliance with directions on ‘maintenance of deposit accounts – primary (urban) cooperative banks’.
The RBI has also imposed a penalty of Rs5 lakh on Indapur Urban Cooperative Bank Bank Ltd for non-compliance with directions issued on ‘investments by primary (urban) cooperative banks’, ‘maintenance of deposit accounts – primary (urban) cooperative banks’, and ‘income recognition, asset classification, provisioning and other related matters – UCBs’.
The central bank also imposed a penalty of Rs2 lakh on Patan Urban Cooperative Bank Ltd from Satara in Maharashtra for contravention of the provisions of Section 26A read with Section 56 of the Banking Regulation Act (BR Act) and for non-compliance with the directions issued by RBI on depositor education and awareness fund (DEAF).
At the same time, the RBI clarified that this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
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