scorecardresearchRBI imposes penalties on nine cooperative banks for violating compliances; check details

RBI imposes penalties on nine cooperative banks for violating compliances; check details

Updated: 15 Nov 2022, 09:40 AM IST
TL;DR.
Those banks are The Berhampur Cooperative Urban Bank, The Kendrapara Urban Co-operative Bank , The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank , Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.
FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File Photo

FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File Photo

(ANI): The Reserve Bank of India has imposed monetary penalties on nine cooperative banks on account of various contraventions or non compliances of laid down guidelines.

These banks are The Berhampur Cooperative Urban Bank, The Kendrapara Urban Co-operative Bank , The Jamshedpur Urban Cooperative Bank, Krishna Mercantile Co-operative Bank, Renuka Nagarik Sahakari Bank Maryadit, Jila Sahakari Kendriya Bank Maryadit, Osmanabad Janata Sahakari Bank, The Santrampur Urban Co-operative Bank, and The Nawanagar Co-operative Bank.

The monetary penalties slapped on these banks range from 25,000 to 3.1 lakh, RBI said in nine standalone statements on Monday.

The RBI said this action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with its customers.

After considering the banks' reply to the notice, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.

First Published: 15 Nov 2022, 09:40 AM IST