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RBI imposes penalty on four cooperative banks

RBI imposes penalty on four cooperative banks
18 August 2016 Current Affairs: The Reserve Bank has imposed penalties of up to Rs 5 lakh on four cooperative banks for violation of various norms. 

RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC norms and non-adherence to requirements relating to identification and reporting of suspicious transactions. 

A penalty of Rs 2 lakh has been imposed on Indapur Urban Cooperative Bank, Indapur, District Pune, for violations of norms related to KYC/anti-money laundering and credit exposure norms on loans. 

RBI imposed penalty of Rs 1 lakh on Shri Dadasaheb Gajmal Cooperative Bank, Pachora, District Jalgaon for violation of norms relating to creation of floating charge on its assets without the prior permission. 

In a separate statement, the central bank said it has imposed penalty of Rs 1 lakh on The Model Cooperative Urban Bank, Hyderabad, Telangana for violation directives and guidelines on loans and advances to directors and their relatives. RBI has modified its directions regarding The R.S. Co-op. Bank, Mumbai and relaxed payment terms for deposits. 

A sum not exceeding Rs 10,000 in every savings bank or current account or term deposit account or any other deposit account (by whatever name called), may be allowed to be withdrawn by depositor, provided that wherever such depositor is having liability to the bank in any manner, i.e. either a borrower or surety, including loans against the bank deposits, the amount may be adjusted first to the relevant borrowal accounts.The earlier limit was Rs 1,000. 

The amount required to pay the depositors should be kept by the bank separately in an escrow account and/or in earmarked securities which will be utilised by the bank only to pay to the depositors as per the revised directions .

The Reserve Bank notified that The R.S. Co-op. Bank was placed under directions for a period of six months in June 24, 2015. The validity of the directions was extended for a further period of six months and three months and the same is valid upto September 25, 2016. 


March 2017 Current affairs
27 MAR
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25 MAR
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24 MAR
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February 2017 Current affairs
28 FEB
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January 2017 Current affairs
31 JAN
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30 JAN
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28 JAN
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27 JAN
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25 JAN
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December 2016 Current affairs
31 DEC
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November 2016 Current affairs
30 NOV
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