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RBI Imposes Monetary Penalty on the following Banks (Part 6)
The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, district Ahmedabad (Gujarat)
The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Viramgam Mercantile Co-operative Bank Ltd., Viramgam, district 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) (c) 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.
The Halol Urban Co-operative Bank Ltd., Halol, Dist. Panchmahal (Gujarat)
The Reserve Bank of India (RBI) has, by an Order dated December 12, 2022, imposed a monetary penalty of ₹2.00 lakh (Rupees two lakh only) on The Halol Urban Co-operative Bank Ltd., Halol, Dist. Panchmahal (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) (c) 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, the RBI came to the conclusion that the aforesaid charge was substantiated and warranted imposition of monetary penalty.
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