All News and features stories covering the cooperative societies in the banking sector in Maharashtra and the developments in this sector in Maharashtra
Palghar, Maharashtra: The Reserve Bank of India (RBI) has recently taken decisive action against The Jawhar Urban Co-operative Bank Limited, located in Palghar, Maharashtra. In an order dated September 15, 2023, the RBI imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on the bank for its non-compliance with RBI’s ‘Know Your Customer…
Mumbai, September 28, 2023: In a recent development, the Reserve Bank of India (RBI) has taken decisive action against Bassein Catholic Co-operative Bank Ltd., located in Vasai, Maharashtra. By virtue of an order issued on September 22, 2023, the RBI has imposed a monetary penalty amounting to ₹25 lakh (Rupees Twenty-Five lakh only) on the…
Mumbai, September 28, 2023: The Reserve Bank of India (RBI) has taken stern action against Saraswat Co-operative Bank Limited, Mumbai, by imposing a monetary penalty of ₹23 lakh. This penalty comes as a consequence of the bank’s contravention of the provisions of Section 20(1)(b)(iii) read with Section 56 of the Banking Regulation Act, 1949 (BR…
In the diverse landscape of cooperative initiatives that populate Maharashtra, cooperative credit societies have long held a significant place. These institutions play a crucial role in providing financial support to rural and semi-urban areas, helping individuals and small businesses access credit and navigate their financial challenges. However, beneath the surface of this vital sector lie…
Mumbai, December 12, 2022: The Reserve Bank of India (RBI) has taken strict action against Shri Kanyaka Nagari Sahakari Bank Ltd., Chandrapur, Maharashtra, imposing a monetary penalty of ₹4.00 lakh for non-compliance with Know Your Customer (KYC) directives issued to Urban Co-operative Banks. This penalty, announced through an order dated December 05, 2022, falls under…
Mumbai, 12th December, 2022: The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 lakh on The Vaidyanath Urban Co-operative Bank Ltd., Beed, Maharashtra, for non-compliance with Know Your Customer (KYC) directives issued by the central bank. The penalty was levied on December 05, 2022, under the provisions of Section 47 A…
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