Mumbai: The Reserve Bank of India (RBI) has imposed monetary penalties on four co-operative banks and a non-banking financial company (NBFC). The fine was imposed for deficiencies in regulatory compliance. The co-operative banks are: Shree Lodra Nagarik Sahakari Bank Ltd, Malpur Nagarik Sahakari Bank Ltd, Jolarpet Co-operative Urban Bank Ltd, Limbasi Urban Co-operative Bank and the NBFC is Early Salary Services Private Ltd.
The Reserve Bank imposed a monetary penalty of Rs 4.00 lakh on Shree Lodra Nagarik Sahakari Bank Limited, Lodra, Dist. Gandhinagar, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’ and ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
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RBI imposed a monetary penalty of Rs 3.50 lakh on Malpur Nagarik Sahakari Bank Limited, Malpur, Dist. Aravalli, Gujarat for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.
The Reserve Bank imposed a monetary penalty of Rs 50,000 on the Jolarpet Co-operative Urban Bank Limited, Dist. Vellore, Tamil Nadu for non-compliance with the directions issued by RBI on ‘Board of Directors – UCBs’ read with the directions issued by RBI on ‘Loans and advances to directors, their relatives, and firms/concerns in which they are interested’.
The Reserve Bank imposed a monetary penalty of Rs 25,000 on the Limbasi Urban Co-operative Bank Ltd., Limbasi, Dist. Kheda, Gujarat for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are Interested’ read with the directions issued by RBI on ‘Loans and Advances to Directors etc. – Directors as surety/guarantors – Clarification’.
The Reserve Bank imposed a monetary penalty of Rs 3.20 lakh on Early Salary Services Private Limited, Pune for non-compliance with certain provisions of the “Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016’.
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