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RBI Imposes Monetary Penalty on the following
Banks (Part 1)
Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, district
Vadodara (Gujarat)
The Reserve Bank of India (RBI) has, by an Order dated
December 12, 2022, imposed a monetary penalty of ₹50,000/- (Rupees
fifty thousand only) on Shree Mahalaxmi Mercantile Co-operative Bank Ltd.,
Dabhoi, district Vadodara (Gujarat) (the bank) for contravention of directions
issued by RBI on ‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR)
and Statutory Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’.
This penalty has been imposed in exercise of powers vested in the RBI under the
provisions of Section 47 A (1) © read with Sections 46 (4) (i) and 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.
Background
The statutory inspection of the bank conducted by RBI with
reference to the bank’s financial position as on March 31, 2018, and
examination of the Inspection Report and all related correspondence pertaining
to the same revealed, inter alia, that the bank had not maintained minimum Cash
Reserve Ratio (CRR), resulting in contravention of aforesaid directions issued
by RBI. In furtherance to the same, a notice was issued to the bank advising it
to show cause as to why penalty should not be imposed for contravention of the
aforesaid directions issued by RBI.
After considering the bank’s reply to the notice and oral
submissions made during the personal hearing, the RBI came to the conclusion
that the aforesaid charge was substantiated and warranted imposition of
monetary penalty.
Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad (Gujarat)
The Reserve Bank of India (RBI) has, by an Order dated
December 12, 2022, imposed a monetary penalty of ₹1.00 lakh (Rupees
one lakh only) on Gujarat Mercantile Co-operative Bank Ltd., Ahmedabad
(Gujarat) (the bank) for contravention of directions issued by RBI on
‘Maintenance of Statutory Reserves – Cash Reserve Ratio (CRR) and Statutory
Liquidity Ratio (SLR) by Primary (Urban) Co-operative Banks’. This penalty has
been imposed in exercise of powers vested in the RBI under the provisions of
Section 47 A (1) © read with Sections 46 (4) (i) and 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.
Background
The statutory inspection of the bank conducted by RBI with
reference to the bank’s financial position as on March 31, 2018, and
examination of the Inspection Report and all related correspondence pertaining
to the same revealed, inter alia, that the bank had not maintained minimum Cash
Reserve Ratio (CRR), resulting in contravention of aforesaid directions issued
by RBI. In furtherance to the same, a notice was issued to the bank advising it
to show cause as to why penalty should not be imposed for contravention of the
aforesaid directions issued by RBI.
After considering the bank’s reply to the notice and oral
submissions made during the personal hearing, the RBI came to the conclusion
that the aforesaid charge was substantiated and warranted imposition of
monetary penalty.
For part 02 Click here
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