Home / Industry / Banking /  RBI imposes penalty on these two banks. Check details

The Reserve Bank of India (RBI) has imposed a monetary penalty  on Hissar Urban Cooperative Bank Ltd and Andaman and Nicobar State Co-operative Bank Ltd for violation of banking norms.

RBI imposes monetary penalty on Hissar Urban Cooperative Bank

 

The central bank has imposed a fine of 3 lakh on Hissar Urban Cooperative Bank Ltd for violation of banking norms.

The RBI has imposed the monetary penalty through an order dated September 23, 2022. Hissar Urban Cooperative Bank Ltd, Hisar has been penalised for "contravention of Section 35A and section 36 (1) read with Section 56 of the Banking Regulation Act, 1949."

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949, the RBI said.

RBI imposes penalty on Andaman & Nicobar State Co-operative Bank

 

RBI on Monday said it has imposed a monetary penalty of 5 lakh on Andaman and Nicobar State Co-operative Bank Ltd for non-compliance with certain provisions of the banking laws.

The RBI said it has issued an order in this regard dated September 22, 2022. Andaman & Nicobar State Co-operative Bank Ltd has been penalised for contravention of/non-compliance with the provisions of Section 20 read with Section 56 of BR Act, 1949 (AACS).

This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949, taking into account the failure of the bank to adhere to the aforesaid directions issued by RBI.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said in a statement.

 

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