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The Reserve Bank of India (RBI) on January 9 imposed monetary penalties on three cooperative banks for violation of certain prudential norms.
These banks are Gondia District Central Co-operative Bank Limited, Gondia (Maharashtra), Shirpur Peoples’ Co-operative Bank Ltd, Shirpur (Maharashtra), and Tirupati Urban Co-operative Bank Ltd., Nagpur.
The central bank imposed Rs 2 lakh penalty on Gondia District Central Co-operative Bank, Gondia (Maharashtra), Rs 3 lakh on Shirpur Peoples’ Co-operative Bank, Shirpur (Maharashtra), and Rs 50,000 on Tirupati Urban Co-operative Bank, Nagpur.
“This penalty has been imposed in the exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI,” RBI said in a release.
The central bank said the penalties are not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
The RBI in the inspection found out that the Gondia District Central Co-operative Bank did not transfer eligible unclaimed deposits to the Depositor Education and Awareness Fund within the timelines prescribed and not reported/reported frauds to NABARD.
In the case of Shirpur Peoples’ Co-operative Banks the lender sanctioned advances to a group of borrowers above the permissible limit, RBI said.
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