DelhiDesk The Reserve Bank of India has imposed a monetary penalty on two cooperative banks, The Trichur Urban Co-operative Bank and Bhilai Nagarik Sahakari Bank Maryadit, for non-compliance with banking rules. The Trichur Urban Co-operative Bank has been fined INR 2 lakh for non-compliance with RBI directions on the management of advance-UCBs, while Bhilai Nagarik Sahakari Bank Maryadit has been fined INR 1.25 lakh for contravention of or non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014. The action is based on regulatory compliance deficiencies and is not intended to comment on the validity of any transaction or agreement between the banks and their customers.

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👉 The Reserve Bank imposed a monetary penalty on two co-operative banks for non-compliance with banking rules.
👉 The Trichur Urban Co-operative Bank was fined ₹2.00 lakh for non-compliance with directions issued by RBI on management of advance- UCBs.
👉 Bhilai Nagarik Sahakari Bank Maryadit was fined ₹1.25 lakh for contravention of/non-compliance with the provisions of the Banking Regulation Act, 1949 and the Depositor Education and Awareness Fund Scheme, 2014.
👉 The inspection report of the Trichur Urban Co-operative Bank revealed instances of sanction of gold loans in breach of the cap under bullet repayment scheme.
👉 Bhilai Nagarik Sahakari Bank Maryadit had not transferred eligible unclaimed deposits to the Depositor Education and Awareness Fund within due date.
👉 Notices were issued to the co-operative banks advising them to show cause as to why a penalty should not be imposed on them for non-compliance with the aforesaid directions.
👉 The apex bank came to the conclusion that the charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty.
👉 This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

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Monetary penalty imposed on two co-operative banks for non-compliance with banking rules

Here is the news bullets sorted by DelhiBreakings.com team.

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