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Friday, March 01 2024
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RBI Imposes Fines on 4 Banks in Mumbai and Pune

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Mumbai : Three cooperative banks in Pune and one bank in Mumbai have each received financial penalties from the RBI for breaking the rules set forth by the top bank.

The RBI fined Janakalyan Sahakari Bank Limited, Mumbai, Rs 5 lakh by order dated December 12 for failing to comply with the guidelines regarding “Reporting of Large Exposures to Central Repository of Information on Large Credits (CRILC)”.

In a separate order dated November 22, the RBI fined Pune Merchants Co-operative Bank Limited, Pune (the bank) Rs 1 lakh for failing to follow the guidelines on “Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks.”

The RBI has, by an order dated November 23, imposed a penalty of ₹1 lakh on Pune Municipal Corporation Servant’s Co-operative Urban Bank Limited, Pune for non-compliance with directions on ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’.

The RBI has also imposed a penalty of Rs 5 lakh on Indapur Urban Co-operative Bank Bank Ltd., Pune for non-compliance with directions issued on ‘Investments by Primary (Urban) Co-operative Banks’, ‘Maintenance of Deposit Accounts – Primary (Urban) Co-operative Banks’, and ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’.

At the same time, the RBI clarified that 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 banks with their customers.

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