top of page
Search

RBI imposes monetary penalty on eight Co-operative banks for not complying with regulatory norms


The Reserve Bank of India (RBl) has imposed, by an order dated 11 March 2022, the monetary penalty on eight different co-operative banks in the country. These co-oprative banks were penalised due to either not complying with regulatory norms or not following RBI directions. The list of these banks are as under:

Sl. No.

Name of Bank

Penalty

Amount

​1

The Navnirman Co-operative Bank Ltd., Ahmedabad (Gujarat)

​ ₹ 1.00 lakh

2

The Baghat Urban Co-operative Bank Limited, Solan, HP

₹ 3.00 lakh

3

United India Co-operative Bank Limited, Nagina, UP

₹ 1.00 lakh

4

The Manipur Women’s Cooperative Bank Limited, Paona Bazar, Imphal, Manipur

₹ 2.00 lakh

5

The Nabapalli Cooperative Bank Limited, Barasat, 24 Paraganas (N), West Bengal

₹ 4.00 lakh

6

The Faiz Mercantile Co-operative Bank Ltd., Nasik (M.H.)

₹ 25,000

7

The Amravati Merchants’ Co-operative Bank Ltd., Amravati (M.H.)

₹ 50,000

8

Jila Sahakari Kendriya Bank Maryadit, Narsinghpur (M.P.)

₹ 1.00 lakh

The penalties have been imposed on these co-operative banks in the exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the directions issued by RBI. These actions were based on deficiencies in regulatory compliance and were not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Comments


bottom of page