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

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₹6.00 lakh on The Citizens’ Co-operative Bank Ltd., Jammu for non-compliance with the specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’ and directions issued under ‘Exposure norms and Statutory/ Other Restrictions - UCBs’. The bank had sanctioned fresh loans and advances and allowed cash credit facilities to be overdrawn in violation of specific directions issued under SAF, and also breached prudential inter-bank (gross) exposure limit and inter-bank counterparty limit.

The RBI imposed a monetary penalty of ₹11.00 lakh on HCBL Co-operative Bank Ltd., Lucknow, Uttar Pradesh for non-compliance with the directions issued by RBI on ‘loans and advances to directors, their relatives, and firms or concerns in which they are interested’ and specific directions issued by RBI under the Supervisory Action Framework (SAF). The bank had granted loans/advances to its director and their relatives and sanctioned fresh loans and advances to single borrowers in excess of 50% of applicable regularity limits and offered interest rates on deposits more than those offered by SBI in violation of specific directions issued under SAF.

The RBI imposed a monetary penalty of ₹1.00 lakh on Shree Warana Sahakari Bank Ltd., Kolhapur, Maharashtra for non-compliance with the directions issued by RBI on ‘Maintenance of Deposit Accounts- Primary (Urban) co-operative Banks’. The bank was collecting a fixed penalty for shortfall in maintenance of minimum balance in the savings bank accounts instead of proportionate to the extent of shortfall.