RBI imposes penalty on 3 co-operative banks for deficiencies in compliance

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RBI imposes penalty on 3 co-operative banks for deficiencies in compliance

Mumbai, Feb 21: The Reserve Bank of India (RBI) on Monday said it has imposed penalties on three cooperative banks totalling Rs 5 lakh for deficiencies in regulatory compliance.

A penalty of Rs 2 lakh has been imposed on Baramulla Central Co-operative Bank Limited, Jammu and Kashmir for violation of RBI directions prohibiting the acceptance of fresh deposits, the central bank said in a statement.

The RBI said it has imposed a penalty of Rs 2 lakh on The Big Kancheepuram Co-operative Town Bank Limited (No.3) for non-adherence of directions issued under Exposure Norms and Statutory / Other Restrictions -- UCBs, it said in another statement.

In another release, the central bank said a monetary penalty of Rs 1 lakh has been imposed on Chennai Central Co-operative Bank, Chennai, for non-adherence / violation of certain directions related to 'Income Recognition, Assets Classification, Provisioning and Other Related Matters'.

The Reserve Bank, however, said in all the cases the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their respective customers

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