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

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₹3.00 lakh on Ordnance Equipment Factory Prarambhik Sahkari Bank Ltd., Kanpur for non-compliance with specific directions issued by RBI under Supervisory Action Framework (SAF). The bank had offered interest rate on deposits more than those offered by State Bank of India in violation of specific directions issued under SAF.

The Vishwanathrao Patil Murgud Sahakari Bank Ltd., Murgud, Maharashtra is penalised of ₹1.00 lakh for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. The bank had sanctioned loans to its nominal members for purpose other than the prescribed under aforesaid directions issued by RBI.

The RBI has imposed a monetary penalty of ₹10,000 on The Shibpur Co-operative Bank Ltd., West Bengal for non-compliance with directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions - UCBs’. The bank had failed to comply with the RBI directions on prudential inter-bank (gross) exposure limit and prudential inter-bank counter-party limit.

The apex bank has imposed a monetary penalty of ₹2.00 lakh on The Chiplun Urban Co-operative Bank Ltd., Chiplun, Maharashtra for non-compliance with directions issued by RBI on ‘Management of Advances’ and ‘Maintenance of Deposit Accounts’. The bank had sanctioned gold loans under Bullet Repayment Scheme beyond the regulatory limit and levied penal charges at fixed rate for non-maintenance of minimum balance in saving bank accounts instead of proportionate to actual shortfall observed.