Rbi Imposes Penalties On 3 City-based Co-op Banks, BFSI News, ET BFSI

Pune: The Reserve Bank of India (RBI) has imposed penalties on three cooperative banks for non-compliance to its guidelines.

The central bank has imposed Rs 1 lakh penalty each on Pune Merchants Cooperative Bank and Pune Municipal Corporation Servant’s Cooperative Urban Bank. Indapur Urban Cooperative Bank has been directed to shell out Rs 5 lakh in penalty. An order to this effect was issued on December 14.

The RBI said Pune Merchants Cooperative Bank and Pune Municipal Corporation Servant’s Cooperative Urban Bank were not complying with its norms on maintenance of deposit accounts for cooperative banks. In a statutory inspection, the RBI found that the banks had failed to conduct annual review of inoperative and dormant bank accounts.

In the case of Indapur Urban Cooperative Bank, the RBI found that the lender did not comply with the inter-bank gross exposure limit, did not classify certain accounts and non-performing assets, among others.

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