RBI imposes monetary penalty on five co-operative banks. Details here
₹13 lakh on SBPP Co-operative Bank Limited, Killa Pardi, Gujarat for non-compliance with directions issued by RBI on ‘Interest Rate on Deposits’. The penalty has been imposed in exercise of powers conferred on RBI under the provisions Banking Regulation Act, 1949.
The bank had opened savings deposit accounts of trusts, whose entire income was not exempt from payment of income-tax under the Income Tax Act, 1961. The apex bank imposed a monetary penalty of ₹6.00 lakh on The Sahayadri Sahakari Bank Limited, Mumbai for contravention of certain sections of the Banking Regulation Act, 1949 (BR Act), specific directions issued by RBI under the Supervisory Action Framework (SAF), and non-compliance with the RBI Directions on ‘Know Your Customer (KYC)’ and ‘Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks’.
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