Mumbai: The Reserve Bank of India (RBI) has imposed penalties on five Gujarat-based cooperative banks. The penalty was imposed for various lapses in complying with its regulations, with penalties varying from Rs 50,000 to Rs 5 lakh on each of them over the past one month.
The apex bank imposed a Rs 5 lakh penalty on the Vadodara-based Shree Bharat Co-operative Bank for non-compliance with its directions on the placement of deposits with other banks by urban primary cooperative banks and flouting its norms on interest rate on deposits directions of 2016.
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It imposed a monetary penalty of Rs 5 lakh on the Sankheda Nagarik Sahakari Bank based in Sankheda in the district of Chhotaudepur in Gujarat for non-compliance with directions on loans and advances to directors, relatives and firms/concerns in which they are interested and also for flouting norms on deposits with other banks by primary co-operative banks.
The central bank imposed Rs 1.50 lakh penalty on the Bhuj Commercial Co-operative Bank based in Kachchh district of Gujarat for not complying with the KYC directions and also for not meeting the interest rates on deposits. The RBI imposed a penalty of Rs 50,000 on the Limdi Urban Cooperative Bank based in Limdi in the Dahod district of Gujarat for non-compliance with the deposit rates.
The RBI imposed a penalty of Rs 1.50 lakh on the Co-operative Urban Bank based in Parlakhemundi in Gujarat for not complying with the directions on membership of credit information companies and exposure norms and statutory restrictions on UCBs.
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