New Delhi: The RBI has penalised five cooperative banks, with fines totalling Rs 60.30 lakh. The banks that have been fined are Rajkot Nagarik Sahakari Bank, Zila Sahakari Bank in Kotdwar, Rajdhani Nagar Sahakari Bank, Dehradun District Cooperative Bank, and Kangra Cooperative Bank.
Rajkot Nagarik Sahakari Bank Ltd., based in Rajkot, was fined Rs 43.30 lakh for non-compliance with RBI’s directives about giving loans to directors and their relatives, restrictions on certain types of savings accounts, and managing deposit accounts. Zila Sahakari Bank Ltd., located in Garhwal, Kotdwar, was fined Rs 5.00 lakh for breaking sections of the Banking Regulation Act, 1949.
Rajdhani Nagar Sahkari Bank Limited in Lucknow has been fined Rs 5.00 lakh for failing to comply with RBI instructions on income recognition, asset classification, provisioning, and related matters. Similarly, District Co-operative Bank Limited in Dehradun has been fined Rs 2.00 lakh for breaking banking regulations. Kangra Co-operative Bank Ltd. in New Delhi has been penalized Rs 5.00 lakh for non-compliance with RBI directives on basic and comprehensive cyber security frameworks.
These penalties have been enforced under RBI’s authority, as per provisions of the Banking Regulation Act of 1949.
The RBI has also extended the directives for Saibaba Janata Sahakari Bank, Maharashtra, by another three months.
