RBI imposes monetary penalty on five co-operative banks. Details here
₹7.00 lakh on Uma Co-operative Bank Ltd., Vadodara, Gujarat for contravention of directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’. The apex bank said the Uma Co-operative Bank had breached the prescribed inter-bank counterparty exposure limit and also breached the prescribed inter-bank gross exposure limit.
The RBI imposed a monetary penalty of ₹2.00 lakh on Pij People’s Co-operative Bank Limited, Pij, Dist. Kheda, Gujarat for non-compliance with the directions issued by RBI on ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.
The banking regulator said the Pij People’s Co-operative Bank had failed to carry out periodic review of risk categorisation of accounts. "Exciting news! Mint is now on WhatsApp Channels
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