The RBI has imposed monetary penalty on 4 Co-operative Banks – Hutatma Sahakari Bank Ltd, Shimoga District Co-operative Central Bank Ltd, Chittoor District Co-operative Central Bank Ltd, Sultanpur Jilla Sahkari Bank Ltd.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5 lakh on Hutatma Sahakari Bank Ltd., Walva, Maharashtra as the bank had sanctioned loans to a relative of its director.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 lakh on The Shimoga District Co-operative Central Bank Ltd., Karnataka as the bank had sanctioned/ renewed director related loans.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 lakh on The Chittoor District Co-operative Central Bank Ltd., Andhra Pradesh as the bank had sanctioned director related loans.
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹3 lakh (Rupees Three Lakh only) on Sultanpur Jilla Sahkari Bank Ltd., Uttar Pradesh, as the bank had failed to:
- submit credit information of its borrowers to all the four CICs;
- put in place a system of periodic review of risk categorisation of accounts;
- put in place a robust software for effective identification and reporting of suspicious transactions; and
- transfer eligible unclaimed amounts in certain accounts to the Depositor Education and Awareness Fund within the prescribed time.
