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8 banks were penalized by the RBI, do you have an account in any of these?

From Rs 1 lakh to Rs 40 lakh, these eight financial institutions were penalized for their lapses in internal controls. Spandana Sphoorty Financial, an Indian non-banking financial company (NBFC), was also fined by the RBI.

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  • From Rs 1 lakh to Rs 40 lakh, these eight financial institutions were penalized for their lapses in internal controls.
  • Spandana Sphoorty Financial, an Indian non-banking financial company (NBFC), was also fined by the RBI.

New Delhi: Eight Indian banks have been fined by the Reserve Bank of India (RBI). The eight banks included the Chhattisgarh Rajya Sahakari Bank, the Goa State Co-operative Bank, Garhaa Co-Operative Bank, Yavatmal Urban Co-operative Bank, Jila Sahakari Kendriya Bank, Warud Urban Co-operative Bank, Indapur Urban Co-operative Bank, and the Mehsana Urban Co-operative Bank. From Rs 1 lakh to Rs 40 lakh, these eight financial institutions were penalized for their lapses in internal controls. Spandana Sphoorty Financial, an Indian non-banking financial company (NBFC), was also fined by the RBI.

Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur:

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If the RBI’s “Reserve Bank of India (Know Your Customer (KYC) Directions, 2016” are not followed, a fine of Rs 25 lakh will be levied against the bank in this case.

NABARD conducted a statutory examination of the bank’s financial status as of March 31, 2020, and imposed a fine on the bank as a result.

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According to the RBI, the bank failed to develop a system of periodic evaluation of customer risk classification in the Inspection Report and examination of all relevant communications.

The Goa State Co-operative Bank, Panaji:

The RBI penalized the bank Rs 2.51 lakh for violating Section 9 of the Banking Regulation Act, 1949, in conjunction with Section 56 of the Reserve Bank of India Act, 1949. (the Act).

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According to the statement, the bank failed to dispose of the non-banking asset within the statutory term from the date of acquisition.

Garha Co-operative Bank Limited, Guna (M.P.):

The RBI penalized the bank Rs 1 lakh for failing to comply with its directions to urban cooperative banks on income recognition and asset classification (IRAC).

Inspectors found that the bank had violated or failed to comply with RBI guidelines provided to Urban Cooperative Banks on Income Recognition and Asset Classification as of March 31, 2019, based on the bank’s financial status as of that date (IRAC).

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The Yavatmal Urban Co-operative Bank Limited, Yavatmal (Maharashtra):

The bank was fined Rs 3.50 lakh by the RBI for not complying with the RBI’s Know Your Customer rules issued to urban cooperative banks (KYC).

Among the findings of an inspection report based on the bank’s financial position as of March 31, 2020, were: the absence of a system of periodic review of risk categorization in accounts, violation of/non-compliance with RBI KYC directions, and (ii) no periodic updating of KYC of its customers.

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Jila Sahakari Kendriya Bank Maryadit, Chhindwara (M.P.):

The Reserve Bank of India (RBI) fined the bank Rs 1 lakh for failing to comply with the Banking Regulation Act, 1949 (the Act) and RBI guidelines on Know Your Customer (KYC) (KYC).

The bank I delayed submission of statutory/OSS returns to RBI and NABARD, (ii) did not conduct a periodic review of risk categorization of its customers, and (iii) did not conduct periodic updation of KYC of its customers, in violation/noncompliance with the provisions/directions issued by RBI/NABARD and KYC directives, respectively, according to an inspection report.

Warud Urban Co-operative Bank Ltd., Warud (Maharashtra):

After failing to follow RBI guidelines for Urban Co-operative Banks on Exposure Standards and Statutory/Other Restrictions, as well as Know Your Customer, the bank was penalized by the central bank with Rs 1 lakh (KYC).

On March 31, 2021, the bank’s Risk Assessment Report revealed that the bank I had not complied with the prudential interbank counterparty limit and (ii) had not put in place a robust software for the effective identification and reporting of suspicious transactions in violation of/noncompliance with the RBI’s directives on Exposure Norms & Statutory/Other Restrictions-UCBs and Know Your Customer (KYC) and Know Your Customer (KYC).

Indapur Urban Cooperative Bank Ltd., Indapur, Maharashtra:

In response to the bank’s violations of RBI guidelines, the bank imposed a fine of Rs 7 lakh on the bank.

On March 31, 2021, according to the bank’s Inspection Report, it had provided unsecured advances in excess of the aggregate limit for such loans that apply to it.

The Mehsana Urban Co-operative Bank Ltd., Mehsana, Gujarat:

India’s Reserve Bank of India (Co-operative Banks – Interest Rate on Deposit) Directions, 2016, were violated and the bank was fined Rs 40 lakh.

Term deposits maturing on Sundays/holidays/non-business working days and being repaid on the following working day were not paid interest for the intervening days, according to an inspection report. The bank also failed to pay interest on I the balance amount in current accounts of deceased individual depositors/proprietorship concerns from the date of their death to the date of repayment to their claimants, and (ii) term deposits that remained unclaimed after m

Spandana Sphoorty Financial:

A fine of Rs 2.33 crore was levied for failure to comply with certain terms of the “Non-Banking Financial Company – Systemically Important Non-Deposit Taking Company and Deposit-Taking Company (Reserve Bank) Directions, 2016”.

A fine was imposed by the RBI following an inspection, which revealed that non-banking financial company microfinance institution pricing guidelines had been violated.

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