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RBI imposes penalties on five co-operative banks for non-compliance

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The Reserve Bank has imposed penalties on five cooperative banks, including Rs 25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance.

The on The Karnataka State Co-operative Apex Bank Ltd has been imposed for with directions on “Housing Finance”, the said in a statement.

In another statement, it said a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited, Thane, for with the directions issued by on ‘Customer Protection – Limiting Liability of Customers of Co-operative in Unauthorised Electronic Banking Transactions’.

A fine of Rs 5 lakh has been imposed on Rani Laxmibai Urban Co-operative Bank, Jhansi, as it failed to adhere to specific directions issued to it by under Supervisory Action Framework (SAF), the central bank said.

The RBI has also imposed a Rs 2 lakh on The Nicholson Co-operative Town Bank (No.8), Thanjavur District, Tamil Nadu for violation of directions issued under Exposure Norms and Statutory/Other Restrictions UCBs.

A fine of Rs 10,000 has been imposed on The Urban Co-operative Bank, Rourkela for contravention of norms related to the Depositor Education and Awareness Fund.

The RBI also said that the penalties are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the with their customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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