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The Reserve Bank of India (RBI) has fined 5 cooperative banks for violating the rules. These cooperative banks are: Indapur Urban Co-operative Bank Limited, Janakalyan Co-operative Bank Limited, The Patan Urban Co-operative Bank Limited, Pune Merchants Co-operative Bank Limited and Pune Municipal Corporation Servants Co-operative Urban Bank Limited.
How much penalty on which bank?
The Reserve Bank has imposed a penalty of ₹5 lakh on Indapur Urban Co-operative Bank Limited, Pune, Maharashtra for not complying with the directions issued by the RBI regarding investment, maintenance by urban co-operative banks. Similarly, the Reserve Bank has imposed a penalty of ₹5 lakh on Janakalyan Sahakari Bank Limited, Mumbai for not complying with the directives to report large exposures to the central repository of information on large loans. Besides, Patan Urban Co-operative Bank Limited, Satara, Maharashtra was fined ₹2 lakh.
The Reserve Bank has imposed a monetary penalty of ₹1 lakh on Pune Merchants Co-operative Bank Limited, Pune. RBI stated that Pune Merchants Co-operative Bank did not conduct annual review of inactive/dormant accounts. RBI has imposed a monetary penalty of ₹1 lakh on Pune Municipal Corporation Servants Co-operative Urban Bank Limited, Pune. The banking regulator said Pune Municipal Corporation Sevak Sahakari Urban Bank did not conduct an annual review of inactive/dormant accounts.