Non-compliance

The Reserve Bank has imposed penalties on five cooperative banks, including Rs 25 lakh on The Karnataka State Co-operative Apex Bank, Bengaluru, for deficiencies in regulatory compliance. The penalty on The Karnataka State Co-operative Apex Bank Ltd has been imposed for non-compliance with directions on "Housing Finance", the RBI said in a statement. In another statement, it said a fine of Rs 15 lakh has been imposed on Thane Bharat Sahakari Bank Limited, Thane, for non-compliance with the directions issued by RBI on 'Customer Protection - Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions'. A fine of Rs 5 lakh has been imposed on Rani Laxmibai Urban Co-operative Bank, Jhansi, as it failed to adhere to specific directions issued to it by RBI under Supervisory Action Framework (SAF), the central bank said. The RBI has also imposed a Rs 2 lakh penalty on The Nicholson Co-operative Town Bank (No.8), Thanjavur District, Tamil Nadu for

A notice was issued to Seva Vikas Cooperative Bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions

Giving details, it said an off-site examination of the records pertaining to some housing loans disbursed by the bank was conducted by RBI

In both cases, the penalty has been imposed based on deficiencies in regulatory compliance

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