The Reserve Bank of India (RBI) recently penalised four cooperative banks, with fines and monetary penalties under the Banking Regulation Act for failure to adhere to regulatory standards, including KYC norms and operational guidelines.
- Amod Nagrik Co-operative Bank Ltd. (Bharuch, Gujarat)
The RBI penalised the bank ₹1.00 lakh for sanctioning loans to a director’s relative and also for its delay in uploading customer KYC details into the Central KYC Records Registry.
- Karjan Nagarik Sahakari Bank Ltd. (Vadodara, Gujarat)
Various contraventions like the failure to remit unclaimed amounts to the Depositor Education and Awareness Fund; non-maintenance of the Cash Reserve Ratio; delay in furnishing credit information; and failure to update KYC information in time attracted penalty of ₹ 2.10 lakh.
- Vijay Commercial Co-operative Bank Ltd. (Rajkot, Gujarat)
The bank was penalized ₹1.00 lakh for not examining the risk classification of some accounts within a period of six months under the KYC regulations.
- The Sundargarh District Central Co-operative Bank Ltd. (Odisha)
Sundry penalties of ₹3.00 lakh was imposed as there were advances given to directors, unclaimed balances not being remitted to the Depositor Education and Awareness Fund and no proper KYC was followed while opening new accounts.
Tomorrow 23rd Nov is celebrated as Fibonacci Day!
As stated in Bhagavad Gita :
सर्वकर्माण्यपि सन्न्यस्याद्यात्मनं सन्न्यसेत्।
Whatever you do, do it as an offering to Me.
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