RBI ipmoses monetary penalty on different Co-operative bank ltd
The Uttrakhand grameen bank Dehradun, The Raj Laxmi Mahila Urban Co-operative, Nagr sahkari bank ltd, The Rohatk central co-operative and Parwanoo urban Co-operative are the banks who has charged with penalty by RBI for not following Monetary Policy norms.
Acording to RBI, Uttrakhand Grameen bank Dehradun face penalty after the statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the instructions.
After considering the bank’s reply to the notice and oral submissions made by it during the personal hearing, RBI found, inter alia, that the bank had transferred the eligible unclaimed amount to the Depositor Education and Awareness Fund with delay, warranting imposition of monetary penalty.
