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NEW DELHI: The Reserve Bank has imposed monetary penalties on four cooperative banks and anon-banking financial company(NBFC) for deficiencies in regulatory compliance. The co-operative banks are: Nasik Merchant’s Co-operative Bank Ltd, Mehsana Urban Co-operative Bank Ltd, Sangli Sahakari Bank Ltd, Pudukkottai Co-operative Town Bank Ltd and the NBFC is Sappers Finance and Consultancy Private Ltd.
The RBI imposed a monetary penalty of Rs 48.30 lakh on The Nasik Merchant’s Co-operative Bank Ltd., Nashik for non-compliance with the directions issued by RBI on ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’ and on ‘Maintenance of Deposit Accounts’.
The banking regulator said Nasik Merchant’s Co-operative Bank had reported fraud cases with delay, and levied penal charges for non-maintenance of minimum balances in dormant or inoperative savings bank (SB) accounts. The co-operative levied penal charges for non-maintenance of minimum balances in SB accounts without notifying the customers, the RBI added.
The RBI imposed a monetary penalty of Rs15 lakh on the Mehsana Urban Co-operative Bank Ltd., Mehsana for non-compliance with the directions issued by RBI on ‘Interest Rate on Deposits’.
