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RBI Imposes Monetary Penalty on the following Banks (Part 3)
Nagarik Sahakari Bank Ltd., Babra, district Amreli (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 Nagarik Sahakari Bank Ltd., Babra, district Amreli
(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
Statutory Liquidity Ratio (SLR), 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.
The Gujarat Rajya Karmachari Co-operative Bank Ltd., Ahmedabad
(Gujarat)
The Reserve Bank of India (RBI) has, by an Order dated
December 15, 2022, imposed a monetary penalty of ₹3.00 lakh
(Rupees three lakh only) on The Gujarat Rajya Karmachari 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’ and
sub-section (2) of section 26A of the Banking Regulation Act, 1949 (the Act)
read with paragraph 3 of The Depositor Education and Awareness Fund Scheme,
2014 (the scheme) enclosed with Circular on ‘The Depositor Education and
Awareness Fund Scheme, 2014 – Section 26A of Banking Regulation Act, 1949 –
Operational Guidelines’ dated May 27, 2014. 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, 2019, 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) and the bank had not transferred balances lying in certain
accounts remaining unclaimed for more than ten years to the Depositor Education
and Awareness Fund, 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 charges were substantiated and warranted imposition of
monetary penalty.
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