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RBI imposes monetary penalty on Konnagar Samabaya Bank Ltd. & The Santragachi Co-operative Bank Ltd.

The Reserve Bank of India (RBI) has, by orders dated January 29, 2021 imposed monetary penalties on the following co-operative banks for contravention of/non-compliance with the directions issued by RBI on “Exposure Norms and Statutory/Other Restrictions-UCBs”

The penalties have been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the prudential limits on gross and counterparty inter-bank exposures contained in the aforesaid directions issued by RBI.


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