RBI imposes monetary penalty on 4 co-operative banks. Details here

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₹5.00 lakh on Baroda Gujarat Gramin Bank, Vadodara (Gujarat) for contravention of directions issued by NABARD on ‘Frauds - Guidelines for Classification, reporting and Monitoring of Frauds’. The bank did not report five fraud cases to NABARD within prescribed timeline, resulting in contravention of aforesaid directions issued by NABARD.

The Aska Co-operative Central Bank Ltd., Aska was penalised ₹50,000 for non-compliance with certain provisions of the Reserve Bank’s –Know Your Customer (KYC)) Direction, 2016. The bank had failed to put in place a system of periodic review of risk categorisation of accounts.

The Reserve Bank imposed a monetary penalty of ₹1,00,000 on Bally Cooperative Bank Ltd., Howrah, West Bengal for non-compliance with certain provisions of the central bank’-Know Your Customer (KYC)) Direction, 2016’. The bank had failed to put in place a system of periodic review of risk categorisation of accounts.

The apex bank imposed a monetary penalty of ₹2,50,000 on The Nabapalli Co-operative Bank Ltd., West Bengal for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’ and certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’. The bank had breached prudential inter-bank (gross) exposure limit and prudential inter-bank counter-party limit and failed to put in place a system of periodic review of risk categorisation of accounts.