Latest News | RBI imposes sanctions on five cooperative banks

Mumbai, Sep 5 (PTI) The Reserve Bank has imposed sanctions on five co-operative banks, including Rs 25 lakh on Karnataka State Co-operative Apex Bank, Bengaluru, for regulatory compliance failures.

The penalty to Karnataka State Co-operative Apex Bank Ltd was imposed for failing to follow instructions on “housing finance”, the RBI said in a statement.

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In another statement, he said a fine of Rs 15 lakh had been imposed on Thane Bharat Sahakari Bank Limited, Thane, for failing to comply with instructions issued by RBI on “Client Protection – Limitation of Client Liability cooperative banks in unauthorized countries”. Electronic banking transactions”.

A fine of Rs 5 lakh has been imposed on Rani Laxmibai Urban Co-operative Bank, Jhansi for failing to comply with specific instructions issued to it by RBI under Supervisory Action Framework (SAF), the central bank said.

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The RBI has also imposed a fine of Rs 2 lakh on Nicholson Co-operative Town Bank (No. 8), Thanjavur District, Tamil Nadu for violating instructions issued under exposure standards and legal/other restrictions – UCB.

A fine of Rs 10,000 has been imposed on Urban Co-operative Bank, Rourkela for violating standards relating to the Depositors Education and Awareness Fund.

The RBI also said the sanctions are based on shortcomings in regulatory compliance and are not intended to rule on the validity of any transaction or agreement made by banks with their customers.

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

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