Daily Current Affairs - Banking - October 08 & 09, 2023

Bank

Penalty

Reason

Section

The Gandevi People’s Co-operative Bank Ltd., Navsari, Gujarat

₹2.00 Lakh

for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’.

Section 47 A (1) (c) read with Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949

The Karnavati Co-operative Bank Ltd., Ahmedabad, Gujarat

₹1.50 Lakh

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 ‘Loans and advances to directors etc.- directors as surety/guarantors- Clarification’, and ‘Frauds in UCBs: Changes in Monitoring and Reporting mechanism’.

Vidyasagar Central Co-operative Bank Limited, Midnapore, West Bengal

₹1.50 Lakh

for non-compliance with the directions issued by RBI on “Housing Finance”.

The Santragachi Co-operative Bank Ltd., West Bengal

₹1.00 Lakh

for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory/Other Restrictions – UCBs’

The Sarvodaya Sahakari Bank Limited, Modasa, Gujarat

₹6.00 Lakh

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 ‘Loans and advances to directors etc – directors as surety/guarantors – Clarification’, ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Interest Rate on Deposits – Directions 2016’.

Dhanera Mercantile Co-operative Bank Ltd., Dhanera, Gujarat

₹6.50 Lakh

for non-compliance with the directions issued by RBI on ‘Loans and advances to directors, relatives and firms/concerns in which they are interested’; ‘Loans and advances to directors etc. – directors as surety / guarantors – clarification’ and on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’.

The Janata Co-operative Bank Ltd., Godhra, Dist. Panchmahal, Gujarat

₹3.50 Lakh

for non-compliance with the directions issued by RBI on ‘Donations to Trusts and Institutions where Directors, their relatives hold position or are interested’ and ‘Loans and advances to directors, relatives and firms /concerns in which they are interested’ read with ‘Loans and advances to directors etc- directors as surety/guarantors- Clarification’.

Maninagar Co-operative Bank Ltd., Ahmedabad, Gujarat

₹1.00 Lakh

for non-compliance with the directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks (UCBs)’ and ‘Co-operative Banks – Interest Rate on Deposits’.