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RBI penalises five Gujarat-based cooperative banks

Published on January 04, 2024
Current Context: The Reserve Bank has penalised five Gujarat-based cooperative banks for various lapses in complying with its regulations, with penalties varying from Rs 50,000 to Rs 5 lakh on each of them over the past one month.
RBI penalises five Gujarat-based cooperative banks
  • Shree Bharat Co-operative Bank, Vadodara: Penalized with Rs. 5 lakh for:
    • Non-compliance with RBI directions on placement of deposits with other banks by urban primary cooperative banks.
    • Violating the 2016 norms on interest rate on deposits.
  • Bhuj Commercial Co-operative Bank, Kachchh: Penalized with Rs. 1.5 lakh for:
    • Not meeting the Know Your Customer (KYC) norms.
    • Failing to adhere to the interest rate on deposits regulations.
  • Co-operative Urban Bank, Parlakhemundi: Penalized with Rs. 1.5 lakh for violating various regulatory norms, including:
    • Capital adequacy ratio
    • Net owned funds ratio
    • Statutory provisions
    • Prudential norms on classification of non-performing assets
  • Limdi Urban Cooperative Bank, Dahod: Penalized with Rs. 50,000 for non-compliance with deposit rate regulations.
  • The Kapadvanj Nagari Sahakari Bank, Kheda: Penalized with Rs. 50,000 for violating various accounting norms.

Question:

Q.1 Which cooperative bank was penalized for non-compliance with RBI directions on placement of deposits with other banks by urban primary cooperative banks?
a. Bhuj Commercial Co-operative Bank
b. Shree Bharat Co-operative Bank
c. Co-operative Urban Bank
d. Limdi Urban Cooperative Bank

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