The Reserve Bank of India (RBI) has recently taken strict action against five cooperative banks, issuing monetary penalties for deficiencies in regulatory compliance. These cooperative banks include Indapur Urban Co-operative Bank Ltd, Janakalyan Sahakari Bank Ltd, The Patan Urban Co-operative Bank Ltd, Pune Merchants Co-operative Bank Ltd, and Pune Municipal Corporation Servant’s Co-operative Urban Bank Ltd. The penalties were imposed under the powers granted to the RBI by certain provisions of the Banking Regulation Act, 1949.
Non-Compliance Issues:
RBI Action:
Non-Compliance Issues:
RBI Action:
Non-Compliance Issues:
RBI Action:
Non-Compliance Issues:
RBI Action:
Non-Compliance Issues:
RBI Action:
Q1. Name one cooperative bank penalized by the RBI for non-compliance with CRILC reporting.
Answer: Janakalyan Sahakari Bank Limited, Mumbai.
Q2. Which cooperative bank in Satara, Maharashtra, faced penalties for not transferring eligible amounts to the Depositor Education and Awareness Fund?
Answer: The Patan Urban Co-operative Bank Limited.
Q3. Which cooperative bank neglected to conduct an annual review of inoperative/dormant accounts, leading to a penalty?
Answer: Pune Municipal Corporation Servant’s Co-operative Urban Bank Limited, Pune.
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