RBI fines four banks in Mumbai and Pune
In another order dated November 22, the RBI imposed a penalty of Rs 1 lakh on Pune Merchants Co-operative Bank Limited, Pune (the bank) for non-compliance with the directions issued on 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks'.
IANS
Reserve Bank Of India
MUMBAI: The RBI has imposed monetary penalties on one bank in Mumbai and three co-operative banks in Pune in separate cases involving the violation of the apex bank's norms.
The RBI has, by an order dated December 12, imposed a penalty of Rs 5 lakh on Janakalyan Sahakari Bank Limited, Mumbai for non-compliance with the directions on 'Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC)'.
In another order dated November 22, the RBI imposed a penalty of Rs 1 lakh on Pune Merchants Co-operative Bank Limited, Pune (the bank) for non-compliance with the directions issued on 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks'.
The RBI has, by an order dated November 23, imposed a penalty of ₹1 lakh on Pune Municipal Corporation Servant's Co-operative Urban Bank Limited, Pune for non-compliance with directions on 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks'.
The RBI has also imposed a penalty of Rs 5 lakh on Indapur Urban Co-operative Bank Bank Ltd., Pune for non-compliance with directions issued on 'Investments by Primary (Urban) Co-operative Banks', 'Maintenance of Deposit Accounts - Primary (Urban) Co-operative Banks', and 'Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs'.
At the same time, the RBI clarified that 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 their customers.
